October
31,
2022
iShares
Trust
iShares
Dow
Jones
U.S.
ETF
|
IYY
|
NYSE
Arca
iShares
MSCI
KLD
400
Social
ETF
|
DSI
|
NYSE
Arca
iShares
MSCI
USA
ESG
Select
ETF
|
SUSA
|
NYSE
Arca
iShares
U.S.
Basic
Materials
ETF
|
IYM
|
NYSE
Arca
iShares
U.S.
Consumer
Discretionary
ETF
|
IYC
|
NYSE
Arca
iShares
U.S.
Consumer
Staples
ETF
|
IYK
|
NYSE
Arca
iShares
U.S.
Energy
ETF
|
IYE
|
NYSE
Arca
iShares
U.S.
Financial
Services
ETF
|
IYG
|
NYSE
Arca
iShares
U.S.
Financials
ETF
|
IYF
|
NYSE
Arca
iShares
U.S.
Healthcare
ETF
|
IYH
|
NYSE
Arca
iShares
U.S.
Industrials
ETF
|
IYJ
|
Cboe
BZX
iShares
U.S.
Technology
ETF
|
IYW
|
NYSE
Arca
iShares
U.S.
Transportation
ETF
|
IYT
|
NYSE
Arca
iShares
U.S.
Utilities
ETF
|
IDU
|
NYSE
Arca
2022
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
October
31,
2022,
disrupting
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
moderate
growth
in
the
third
quarter,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
as
inflation
decreased
the
value
of
future
cash
flows
and
investors
shifted
focus
to
balance
sheet
resilience.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
declines
for
small-capitalization
U.S.
stocks
were
slightly
steeper.
Emerging
market
stocks
and
international
equities
from
developed
markets
also
declined
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
October
31,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(5.50
)%
(14.61
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.20
)
(18.54
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(12.70
)
(23.00
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(19.66
)
(31.03
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.72
0.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(8.24
)
(17.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(6.86
)
(15.68
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.43
)
(11.98
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(4.71
)
(11.76
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
18
Disclosure
of
Expenses
...................................................................................................
18
Schedules
of
Investments
.................................................................................................
19
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
80
Statements
of
Operations
................................................................................................
84
Statements
of
Changes
in
Net
Assets
........................................................................................
88
Financial
Highlights
.....................................................................................................
95
Notes
to
Financial
Statements
...............................................................................................
109
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
121
Supplemental
Information
.................................................................................................
132
General
Information
.....................................................................................................
133
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
134
iShares
®
Dow
Jones
U.S.
ETF
4
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
Dow
Jones
U.S.
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
a
broad-based
index
composed
of
U.S.
equities,
as
represented
by
the
Dow
Jones
U.S.
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(5.91
)
%
(16.86
)
%
9.72
%
12.25
%
(16.86
)
%
59.01
%
217.57
%
Fund
Market
................
(5.87
)
(16.79
)
9.73
12.26
–
%
(16.79
)
59.09
217.77
Index
.....................
(5.
82
)
(16.72
)
9.93
12.46
(16.
7
2
)
60.52
223.62
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
940.90
‌
$
0.98
‌
$
1,000.00
‌
$
1,024.20
‌
$
1.02
‌
0.20
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
25.8‌
%
Health
Care
...................................
14.9‌
Financials
.....................................
11.9‌
Consumer
Discretionary
...........................
10.9‌
Industrials
.....................................
9.0‌
Communication
Services
...........................
7.1‌
Consumer
Staples
...............................
6.5‌
Energy
.......................................
5.2‌
Real
Estate
....................................
3.1‌
Utilities
.......................................
2.9‌
Materials
.....................................
2.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
6.4‌
%
Microsoft
Corp.
.................................
4.8‌
Amazon.com,
Inc.
...............................
2.5‌
Tesla,
Inc.
.....................................
1.7‌
Alphabet,
Inc.,
Class
A
............................
1.6‌
Berkshire
Hathaway,
Inc.,
Class
B
....................
1.5‌
UnitedHealth
Group,
Inc.
...........................
1.4‌
Alphabet,
Inc.,
Class
C,
NVS
........................
1.4‌
Exxon
Mobil
Corp.
...............................
1.3‌
Johnson
&
Johnson
..............................
1.3‌
aaa
aa
iShares
®
MSCI
KLD
400
Social
ETF
5
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
MSCI
KLD
400
Social
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
companies
that
have
positive
environmental,
social
and
governance
characteristics,
as
represented
by
the
MSCI
KLD
400
Social
Index
(the
“Index”). 
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(8.14
)
%
(20.10
)
%
10.09
%
12.48
%
(20.10
)
%
61.71
%
224.29
%
Fund
Market
................
(8.14
)
(20.14
)
10.08
12.48
–
%
(20.14
)
61.61
224.18
Index
.....................
(8.03
)
(19.92
)
10.40
12.93
‌
(19.92
)
63.97
237.34
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
918.60
‌
$
1.21
‌
$
1,000.00
‌
$
1,023.95
‌
$
1.28
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
30.7‌
%
Health
Care
...................................
12.3‌
Consumer
Discretionary
...........................
11.5‌
Financials
.....................................
10.0‌
Communication
Services
...........................
8.9‌
Industrials
.....................................
8.9‌
Consumer
Staples
...............................
8.4‌
Real
Estate
....................................
3.5‌
Materials
.....................................
2.8‌
Energy
.......................................
2.0‌
Utilities
.......................................
1.0‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Microsoft
Corp.
.................................
9.4‌
%
Tesla,
Inc.
.....................................
3.4‌
Alphabet,
Inc.,
Class
A
............................
3.2‌
Alphabet,
Inc.,
Class
C,
NVS
........................
3.0‌
Visa,
Inc.,
Class
A
...............................
1.9‌
NVIDIA
Corp.
..................................
1.9‌
Procter
&
Gamble
Co.
(The)
........................
1.8‌
Home
Depot,
Inc.
(The)
...........................
1.7‌
Mastercard
,
Inc.,
Class
A
...........................
1.6‌
AbbVie,
Inc.
...................................
1.5‌
aaa
aa
iShares
®
MSCI
USA
ESG
Select
ETF
6
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
MSCI
USA
ESG
Select
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
companies
that
have
positive
environmental,
social
and
governance
characteristics,
as
represented
by
the
MSCI
USA
Extended
ESG
Select
Index
(the
“Index”). 
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(6.11
)
%
(19.02
)
%
10.50
%
12.54
%
(19.02
)
%
64.73
%
226.01
%
Fund
Market
................
(6.04
)
(19.00
)
10.51
12.55
–
%
(19.00
)
64.80
226.07
Index
.....................
(5.99
)
(18.84
)
10.80
12.98
‌
(18.84
)
67.01
238.97
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
938.90
‌
$
1.22
‌
$
1,000.00
‌
$
1,023.95
‌
$
1.28
‌
0.25
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
29.3‌
%
Health
Care
...................................
13.0‌
Financials
.....................................
11.3‌
Industrials
.....................................
10.0‌
Consumer
Staples
...............................
9.9‌
Consumer
Discretionary
...........................
8.3‌
Communication
Services
...........................
5.5‌
Energy
.......................................
4.9‌
Real
Estate
....................................
3.3‌
Materials
.....................................
3.2‌
Utilities
.......................................
1.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
4.9‌
%
Microsoft
Corp.
.................................
4.5‌
Alphabet,
Inc.,
Class
A
............................
1.9‌
Home
Depot,
Inc.
(The)
...........................
1.8‌
Tesla,
Inc.
.....................................
1.8‌
PepsiCo,
Inc.
..................................
1.8‌
Kellogg
Co.
....................................
1.6‌
Automatic
Data
Processing,
Inc.
......................
1.6‌
Texas
Instruments,
Inc.
............................
1.5‌
Johnson
Controls
International
PLC
...................
1.5‌
aaa
aa
iShares
®
U.S.
Basic
Materials
ETF
7
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Basic
Materials
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
basic
materials
sector,
as
represented
by
the
Russell
1000
Basic
Materials
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Basic
Materials
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Basic
Materials
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(14.75
)
%
(9.47
)
%
5.44
%
7.78
%
(9.47
)
%
30.34
%
111.62
%
Fund
Market
................
(14.76
)
(9.51
)
5.44
7.79
–
%
(9.51
)
30.32
111.66
Index
.....................
(14.59
)
(9.10
)
5.86
8.21
(9.10
)
32.93
120.08
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
852.50
‌
$
1.87
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Chemicals
....................................
64.3‌
%
Metals
&
Mining
.................................
25.4‌
Trading
Companies
&
Distributors
.....................
4.6‌
Containers
&
Packaging
...........................
4.2‌
Other
(each
representing
less
than
1%)
.................
1.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Linde
PLC
....................................
18.1‌
%
Air
Products
and
Chemicals,
Inc.
.....................
7.2‌
Freeport-McMoRan,
Inc.
...........................
6.2‌
Ecolab,
Inc.
...................................
5.3‌
Nucor
Corp.
...................................
4.8‌
Dow,
Inc.
.....................................
4.7‌
Newmont
Corp.
.................................
4.6‌
Albemarle
Corp.
................................
4.5‌
Fastenal
Co.
...................................
3.9‌
International
Flavors
&
Fragrances,
Inc.
.................
3.5‌
aaa
aa
iShares
®
U.S.
Consumer
Discretionary
ETF
8
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Consumer
Discretionary
ETF
(the
“Fund”)
 seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
consumer
discretionary
sector,
as
represented
by
the
Russell
1000
Consumer
Discretionary
40
Act
15/22.5
Daily
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
June
23,
2019
reflects
the
performance
of
the
Dow
Jones
U.S.
Consumer
Services
Total
Return
Index.
Index
performance
beginning
on
June
24,
2019
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Consumer
Services
Capped
(TR)
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Consumer
Discretionary
40
Act
15/22.5
Daily
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(7.83
)
%
(26.61
)
%
9.01
%
12.14
%
(26.61
)
%
53.94
%
214.48
%
Fund
Market
................
(7.74
)
(26.58
)
9.03
12.15
–
%
(26.58
)
54.06
214.66
Index
.....................
(7.67
)
(26.35
)
9.48
12
.
62
(26.35
)
57.26
228.
20
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
921.70
‌
$
1.94
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Retailing
......................................
34.1‌
%
Consumer
Services
..............................
17.3‌
Media
&
Entertainment
............................
14.2‌
Automobiles
&
Components
........................
12.8‌
Food
&
Staples
Retailing
...........................
8.3‌
Consumer
Durables
&
Apparel
.......................
7.8‌
Transportation
..................................
3.4‌
Household
&
Personal
Products
......................
1.1‌
Other
(each
representing
less
than
1%)
.................
1.0‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Amazon.com,
Inc.
...............................
12.0‌
%
Tesla,
Inc.
.....................................
8.4‌
Home
Depot,
Inc.
(The)
...........................
4.4‌
McDonald's
Corp.
...............................
4.2‌
Walt
Disney
Co.
(The)
............................
4.1‌
Costco
Wholesale
Corp.
...........................
4.1‌
Walmart,
Inc.
...................................
4.0‌
Netflix,
Inc.
....................................
2.9‌
Lowe's
Companies,
Inc.
...........................
2.8‌
Nike,
Inc.,
Class
B
...............................
2.6‌
aaa
aa
iShares
®
U.S.
Consumer
Staples
ETF
9
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Consumer
Staples
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
consumer
staples
sector,
as
represented
by
the
Russell
1000
Consumer
Staples
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
Dow
Jones
U.S.
Consumer
Goods
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Consumer
Staples
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
(3.30
)
%
9.14
%
12.64
%
12.61
%
9.14
%
81.36
%
227.96
%
Fund
Market
.................
(3.22
)
9.19
12.67
12.61
–
%
9.19
81.54
228.06
Index
......................
(3.11
)
9.62
13.
12
13
.
09
9.62
85.
19
242.09
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
967.00
‌
$
1.98
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Food,
Beverage
&
Tobacco
.........................
60.6‌
%
Household
&
Personal
Products
......................
22.1‌
Health
Care
Equipment
&
Services
....................
8.3‌
Food
&
Staples
Retailing
...........................
6.6‌
Materials
.....................................
2.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Procter
&
Gamble
Co.
(The)
........................
15.1‌
%
PepsiCo,
Inc.
..................................
11.8‌
Coca-Cola
Co.
(The)
.............................
11.0‌
Philip
Morris
International,
Inc.
.......................
6.7‌
CVS
Health
Corp.
...............................
4.2‌
Altria
Group,
Inc.
................................
3.5‌
Mondelez
International,
Inc.,
Class
A
...................
3.5‌
McKesson
Corp.
................................
2.9‌
Colgate-Palmolive
Co.
............................
2.9‌
Archer-Daniels-Midland
Co.
.........................
2.8‌
aaa
aa
iShares
®
U.S.
Energy
ETF
10
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Energy
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
energy
sector,
as
represented
by
the
Russell
1000
Energy
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Oil
&
Gas
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Energy
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
23.55
%
59.45
%
9.93
%
4.97
%
59.45
%
60.57
%
62.40
%
Fund
Market
..................
23.56
59.45
9.95
4.99
–
%
59.45
60.67
62.73
Index
.......................
23.81
60.09
10.37
‌
5.3
7
60.09
63.80
6
8.76
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,235.50
‌
$
2.25
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Oil,
Gas
&
Consumable
Fuels
.......................
89.0‌
%
Energy
Equipment
&
Services
.......................
7.5‌
Semiconductors
&
Semiconductor
Equipment
.............
2.9‌
Electrical
Equipment
..............................
0.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Exxon
Mobil
Corp.
...............................
21.7‌
%
Chevron
Corp.
..................................
16.8‌
ConocoPhillips
.................................
7.8‌
EOG
Resources,
Inc.
.............................
4.6‌
Schlumberger
Ltd.
...............................
4.0‌
Pioneer
Natural
Resources
Co.
......................
3.4‌
Occidental
Petroleum
Corp.
.........................
3.2‌
Marathon
Petroleum
Corp.
.........................
3.0‌
Devon
Energy
Corp.
..............................
2.6‌
Phillips
66
.....................................
2.6‌
aaa
aa
iShares
®
U.S.
Financial
Services
ETF
11
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Financial
Services
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
financial
services
sector,
as
represented
by
the
Dow
Jones
U.S.
Financial
Services
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(1.47
)
%
(18.95
)
%
6.99
%
12.55
%
(18.95
)
%
40.20
%
226.06
%
Fund
Market
................
(1.40
)
(18.93
)
7.00
12.55
–
%
(18.93
)
40.26
226.22
Index
.....................
(1.28
)
(18.65
)
7.42
13.01
‌
(18.65
)
43.05
239.85
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
985.30
‌
$
2.00
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Diversified
Financials
.............................
41.1‌
%
Banks
.......................................
40.9‌
Software
&
Services
..............................
17.7‌
Insurance
.....................................
0.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
JPMorgan
Chase
&
Co.
...........................
10.6‌
%
Visa,
Inc.,
Class
A
...............................
9.7‌
Mastercard
,
Inc.,
Class
A
...........................
8.0‌
Bank
of
America
Corp.
............................
7.2‌
Wells
Fargo
&
Co.
...............................
5.0‌
Charles
Schwab
Corp.
(The)
........................
3.5‌
Goldman
Sachs
Group,
Inc.
(The)
....................
3.4‌
Morgan
Stanley
.................................
3.1‌
S&P
Global,
Inc.
................................
3.1‌
BlackRock,
Inc.
.................................
2.8‌
aaa
aa
iShares
®
U.S.
Financials
ETF
12
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Financials
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
financials
sector,
as
represented
by
the
Russell
1000
Financials
40
Act
15/22.5
Daily
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
June
23,
2019
reflects
the
performance
of
the
Dow
Jones
U.S.
Financials
Total
Return
Index.
Index
performance
beginning
on
June
24,
2019
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Financials
Capped
(TR)
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Financials
40
Act
15/22.5
Daily
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
0.46
%
(14.04
)
%
7.51
%
11.70
%
(14.04
)
%
43.63
%
202.31
%
Fund
Market
.................
0.53
(14.00
)
7.52
11.70
–
%
(14.00
)
43.68
202.45
Index
......................
0.68
(13.69
)
7.93
12.16
(13.69
)
46.49
214.99
‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,004.60
‌
$
2.02
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Diversified
Financials
.............................
43.5‌
%
Banks
.......................................
32.7‌
Insurance
.....................................
23.3‌
Software
&
Services
..............................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Berkshire
Hathaway,
Inc.,
Class
B
....................
9.6‌
%
JPMorgan
Chase
&
Co.
...........................
7.2‌
Bank
of
America
Corp.
............................
5.5‌
Wells
Fargo
&
Co.
...............................
4.4‌
Charles
Schwab
Corp.
(The)
........................
3.2‌
Goldman
Sachs
Group,
Inc.
(The)
....................
3.0‌
S&P
Global,
Inc.
................................
2.8‌
Morgan
Stanley
.................................
2.7‌
BlackRock,
Inc.
.................................
2.5‌
Chubb
Ltd.
....................................
2.3‌
aaa
aa
iShares
®
U.S.
Healthcare
ETF
13
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Healthcare
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
healthcare
sector,
as
represented
by
the
Russell
1000
Health
Care
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Health
Care
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Health
Care
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
1.71
%
(3.45
)
%
11.58
%
14.26
%
(3.45
)
%
72.96
%
279.20
%
Fund
Market
.................
1.83
(3.37
)
11.60
14.26
–
%
(3.37
)
73.09
279.40
Index
......................
1.91
(3.08
)
12.01
14.73
(3.08
)
76.31
295.09
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,017.10
‌
$
2.03
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Pharmaceuticals
................................
31.0‌
%
Health
Care
Providers
&
Services
.....................
20.7‌
Health
Care
Equipment
&
Supplies
....................
18.5‌
Biotechnology
..................................
17.5‌
Life
Sciences
Tools
&
Services
.......................
11.6‌
Other
(each
representing
less
than
1%)
.................
0.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
UnitedHealth
Group,
Inc.
...........................
10.2‌
%
Johnson
&
Johnson
..............................
9.0‌
Eli
Lilly
&
Co.
..................................
6.0‌
Pfizer,
Inc.
....................................
5.1‌
AbbVie,
Inc.
...................................
5.1‌
Merck
&
Co.,
Inc.
................................
5.0‌
Thermo
Fisher
Scientific,
Inc.
........................
3.9‌
Abbott
Laboratories
..............................
3.3‌
Bristol-Myers
Squibb
Co.
...........................
3.2‌
Danaher
Corp.
.................................
3.2‌
aaa
aa
iShares
®
U.S.
Industrials
ETF
14
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Industrials
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
industrials
sector,
as
represented
by
the
Russell
1000
Industrials
40
Act
15/22.5
Daily
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Industrials
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Industrials
40
Act
15/22.5
Daily
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(2.98
)
%
(14.53
)
%
7.14
%
11.81
%
(14.53
)
%
41.17
%
205.44
%
Fund
Market
................
(2.92
)
(14.53
)
7.14
11.81
–
%
(14.53
)
41.15
205.26
Index
.....................
(2.78
)
(14.20
)
7.57
‌
12.29
(14.20
)
44.06
218.73
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
970.20
‌
$
1.99
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Capital
Goods
..................................
45.8‌
%
Software
&
Services
..............................
27.7‌
Transportation
..................................
10.6‌
Materials
.....................................
5.9‌
Commercial  &
Professional
Services
..................
3.3‌
Diversified
Financials
.............................
3.1‌
Technology
Hardware
&
Equipment
...................
2.1‌
Other
(each
representing
less
than
1%)
.................
1.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Visa,
Inc.,
Class
A
...............................
7.3‌
%
Mastercard,
Inc.,
Class
A
...........................
6.0‌
Accenture
PLC,
Class
A
...........................
3.8‌
Raytheon
Technologies
Corp.
.......................
3.0‌
Honeywell
International,
Inc.
........................
2.9‌
Union
Pacific
Corp.
..............................
2.6‌
United
Parcel
Service,
Inc.,
Class
B
...................
2.6‌
Lockheed
Martin
Corp.
............................
2.5‌
Caterpillar,
Inc.
.................................
2.4‌
Deere
&
Co.
...................................
2.4‌
      aaa
aa
iShares
®
U.S.
Technology
ETF
15
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Technology
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
technology
sector,
as
represented
by
the
Russell
1000
Technology
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
June
23,
2019
reflects
the
performance
of
the
Dow
Jones
U.S.
Technology
Total
Return
Index.
Index
performance
beginning
on
June
24,
2019
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Technology
Capped
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Technology
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(14.57
)
%
(30.56
)
%
14.33
%
16.88
%
(30.56
)
%
95.37
%
375.89
%
Fund
Market
................
(14.53
)
(30.53
)
14.34
16.89
–
%
(30.53
)
95.44
376.05
Index
.....................
(14.41
)
(30.30
)
14.80
17.37
(30.30
)
99.37
396.20
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
854.30
‌
$
1.87
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Software
.....................................
34.8‌
%
Technology
Hardware,
Storage
&
Peripherals
.............
21.7‌
Semiconductors
&
Semiconductor
Equipment
.............
21.5‌
Interactive
Media
&
Services
........................
13.4‌
IT
Services
....................................
5.8‌
Electronic
Equipment,
Instruments
&
Components
..........
1.9‌
Other
(each
representing
less
than
1%)
.................
0.9‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
20.3‌
%
Microsoft
Corp.
.................................
15.3‌
Alphabet,
Inc.,
Class
A
............................
5.2‌
Alphabet,
Inc.,
Class
C,
NVS
........................
4.7‌
NVIDIA
Corp.
..................................
4.4‌
Meta
Platforms,
Inc.,
Class
A
........................
2.9‌
Broadcom,
Inc.
.................................
2.7‌
Salesforce,
Inc.
.................................
2.3‌
Adobe,
Inc.
....................................
2.2‌
Texas
Instruments,
Inc.
............................
2.2‌
aaa
aa
iShares
®
U.S.
Transportation
ETF
16
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Transportation
ETF
(the
“Fund”)
 seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
transportation
sector,
as
represented
by
the
S&P
Transportation
Select
Industry
FMC
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
July
18,
2021
reflects
the
performance
of
the
Dow
Jones
Transportation
Average
Index
TM
.
Index
performance
beginning
on
July
19,
2021
reflects
the
performance
of
the
S&P
Transportation
Select
Industry
FMC
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(11.99
)
%
(20.65
)
%
5.08
%
10.16
%
(20.65
)
%
28.09
%
163.20
%
Fund
Market
................
(11.92
)
(20.65
)
5.08
10.16
–
%
(20.65
)
28.12
163.18
Index
.....................
(11.83
)
(20.36
)
6.06
10.69
(20.36
)
34.21
176.22
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
880.10
‌
$
1.90
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Road
&
Rail
...................................
52.2‌
%
Air
Freight
&
Logistics
.............................
29.9‌
Airlines
......................................
16.3‌
Marine
.......................................
1.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Union
Pacific
Corp.
..............................
17.8‌
%
United
Parcel
Service,
Inc.,
Class
B
...................
17.8‌
CSX
Corp.
....................................
6.6‌
Old
Dominion
Freight
Line,
Inc.
......................
5.0‌
Norfolk
Southern
Corp.
............................
4.6‌
Uber
Technologies,
Inc.
............................
4.3‌
Delta
Air
Lines,
Inc.
..............................
4.3‌
Southwest
Airlines
Co.
............................
4.2‌
FedEx
Corp.
...................................
3.9‌
Expeditors
International
of
Washington,
Inc.
..............
3.2‌
aaa
aa
iShares
®
U.S.
Utilities
ETF
17
Fund
Summary
Fund
Summary
as
of
October
31,
2022
Investment
Objective
The
iShares
U.S.
Utilities
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
utilities
sector,
as
represented
by
the
Russell
1000
Utilities
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Utilities
Index
TM
.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Utilities
RIC
22.5/45
Capped
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
(4.63
)
%
1.42
%
6.48
%
9.46
%
1.42
%
36.90
%
146.92
%
Fund
Market
.................
(4.54
)
1.40
6.49
9.46
–
%
1.40
36.93
147.02
Index
......................
(4.43
)
1.76
6.92
9.93
1.76
39.70
157.67
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(05/01/22)
Ending
Account
Value
(10/31/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
953.70
‌
$
1.97
‌
$
1,000.00
‌
$
1,023.19
‌
$
2.04
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
Total
Investments
(a)
Electric
Utilities
.................................
57.0‌
%
Multi-Utilities
...................................
25.0‌
Commercial
Services
&
Supplies
.....................
9.2‌
Water
Utilities
..................................
3.2‌
Independent
Power
and
Renewable
Electricity
Producers
.....
2.7‌
Gas
Utilities
...................................
2.5‌
Electrical
Equipment
..............................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
NextEra
Energy,
Inc.
.............................
13.5‌
%
Duke
Energy
Corp.
..............................
6.4‌
Southern
Co.
(The)
..............................
6.2‌
Waste
Management,
Inc.
...........................
5.8‌
Dominion
Energy,
Inc.
.............................
5.2‌
Sempra
Energy
.................................
4.2‌
American
Electric
Power
Co.,
Inc.
.....................
4.0‌
Exelon
Corp.
...................................
3.4‌
Xcel
Energy,
Inc.
................................
3.2‌
Consolidated
Edison,
Inc.
..........................
2.8‌
aaa
aa
About
Fund
Performance
18
2022
iShares
Semi-Annual
Report
to
Shareholders
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.7
%
Axon
Enterprise,
Inc.
(a)
.....................
2,748
$
399,669
Boeing
Co.
(The)
(a)
........................
22,718
3,237,542
BWX
Technologies,
Inc.
....................
3,834
218,461
Curtiss-Wright
Corp.
.......................
1,577
264,668
General
Dynamics
Corp.
....................
9,151
2,285,920
HEICO
Corp.
...........................
1,619
263,314
HEICO
Corp.
,
Class
A
......................
2,817
358,604
Hexcel
Corp.
............................
3,502
195,061
Howmet
Aerospace,
Inc.
....................
14,846
527,775
Huntington
Ingalls
Industries,
Inc.
..............
1,651
424,423
L3Harris
Technologies,
Inc.
..................
7,808
1,924,438
Lockheed
Martin
Corp.
.....................
9,598
4,671,155
Mercury
Systems,
Inc.
(a)
....................
2,325
112,530
Northrop
Grumman
Corp.
...................
5,924
3,252,335
Raytheon
Technologies
Corp.
................
60,017
5,690,812
Textron,
Inc.
............................
8,558
585,710
TransDigm
Group,
Inc.
.....................
2,102
1,210,248
Woodward,
Inc.
(b)
.........................
2,393
219,438
25,842,103
a
Air
Freight
&
Logistics
 — 
0
.5
%
CH
Robinson
Worldwide,
Inc.
................
5,012
489,773
Expeditors
International
of
Washington,
Inc.
.......
6,644
650,115
FedEx
Corp.
............................
9,723
1,558,403
GXO
Logistics,
Inc.
(a)
......................
4,826
176,342
United
Parcel
Service,
Inc.
,
Class
B
............
29,751
4,991,325
7,865,958
a
Airlines
 — 
0
.2
%
Alaska
Air
Group,
Inc.
(a)
.....................
5,156
229,236
American
Airlines
Group,
Inc.
(a)
(b)
..............
26,196
371,459
Delta
Air
Lines,
Inc.
(a)
......................
26,224
889,780
JetBlue
Airways
Corp.
(a)
....................
12,644
101,658
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
................
10,617
51,174
Southwest
Airlines
Co.
(a)
....................
24,240
881,124
United
Airlines
Holdings,
Inc.
(a)
................
13,413
577,832
3,102,263
a
Auto
Components
 — 
0
.2
%
Aptiv
PLC
(a)
.............................
11,052
1,006,506
Autoliv,
Inc.
.............................
3,224
259,048
BorgWarner,
Inc.
.........................
9,565
358,974
Fox
Factory
Holding
Corp.
(a)
..................
1,694
148,818
Gentex
Corp.
...........................
9,456
250,489
Lear
Corp.
.............................
2,408
334,014
QuantumScape
Corp.
(a)
(b)
...................
10,409
86,707
2,444,556
a
Automobiles
 — 
2
.1
%
Ford
Motor
Co.
..........................
160,922
2,151,527
General
Motors
Co.
.......................
59,441
2,333,059
Harley-Davidson,
Inc.
......................
5,412
232,716
Lucid
Group,
Inc.
(a)
(b)
.......................
23,825
340,459
Rivian
Automotive,
Inc.
,
Class
A
(a)
..............
22,179
775,600
Tesla,
Inc.
(a)
.............................
108,398
24,664,881
Thor
Industries,
Inc.
.......................
2,232
181,841
30,680,083
a
Banks
 — 
3
.9
%
Bank
of
America
Corp.
.....................
284,645
10,258,606
Bank
OZK
.............................
4,720
202,866
BOK
Financial
Corp.
.......................
1,290
142,145
Citigroup,
Inc.
...........................
78,829
3,615,098
Citizens
Financial
Group,
Inc.
................
20,315
830,883
Security
Shares
Value
a
Banks
(continued)
Comerica,
Inc.
...........................
5,373
$
378,796
Commerce
Bancshares,
Inc.
.................
4,509
319,418
Cullen/Frost
Bankers,
Inc.
...................
2,609
404,525
East
West
Bancorp,
Inc.
....................
5,838
417,826
Fifth
Third
Bancorp
.......................
27,895
995,573
First
Citizens
BancShares,
Inc.
,
Class
A
..........
533
438,190
First
Financial
Bankshares,
Inc.
...............
5,160
198,608
First
Horizon
Corp.
........................
21,668
531,083
First
Republic
Bank
.......................
7,436
893,064
FNB
Corp.
.............................
14,552
210,276
Glacier
Bancorp,
Inc.
......................
4,618
264,519
Home
BancShares,
Inc.
....................
7,656
195,151
Huntington
Bancshares,
Inc.
.................
59,122
897,472
JPMorgan
Chase
&
Co.
....................
119,351
15,023,904
KeyCorp
...............................
38,248
683,492
M&T
Bank
Corp.
.........................
7,147
1,203,340
Pinnacle
Financial
Partners,
Inc.
...............
3,164
262,580
PNC
Financial
Services
Group,
Inc.
(The)
........
16,689
2,700,781
Popular,
Inc.
............................
3,101
219,303
Prosperity
Bancshares,
Inc.
..................
3,625
259,441
Regions
Financial
Corp.
....................
37,715
827,844
Signature
Bank
..........................
2,532
401,398
SouthState
Corp.
.........................
3,080
278,524
SVB
Financial
Group
(a)
.....................
2,379
549,454
Synovus
Financial
Corp.
....................
6,002
239,180
Truist
Financial
Corp.
......................
54,026
2,419,824
U.S.
Bancorp
...........................
55,066
2,337,552
UMB
Financial
Corp.
......................
1,768
147,133
Umpqua
Holdings
Corp.
....................
9,059
180,093
United
Bankshares,
Inc.
....................
5,482
232,163
Valley
National
Bancorp
....................
17,336
205,778
Webster
Financial
Corp.
....................
7,225
392,028
Wells
Fargo
&
Co.
........................
154,410
7,101,316
Western
Alliance
Bancorp
...................
4,439
298,168
Wintrust
Financial
Corp.
....................
2,442
228,620
Zions
Bancorp
NA
........................
6,037
313,562
57,699,577
a
Beverages
 — 
1
.7
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
.......
374
139,610
Brown-Forman
Corp.
,
Class
B
,
NVS
............
7,480
508,640
Celsius
Holdings,
Inc.
(a)
(b)
....................
1,631
148,552
Coca-Cola
Co.
(The)
......................
158,279
9,472,998
Constellation
Brands,
Inc.
,
Class
A
.............
6,487
1,602,808
Keurig
Dr
Pepper,
Inc.
(b)
....................
34,574
1,342,854
Molson
Coors
Beverage
Co.
,
Class
B
...........
7,711
388,866
Monster
Beverage
Corp.
(a)
...................
15,652
1,466,905
National
Beverage
Corp.
....................
987
46,804
PepsiCo,
Inc.
...........................
56,193
10,203,525
25,321,562
a
Biotechnology
 — 
2
.6
%
AbbVie,
Inc.
............................
71,974
10,536,994
Alkermes
PLC
(a)
..........................
6,795
154,246
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
..............
4,879
1,011,222
Amgen,
Inc.
............................
21,795
5,892,278
Apellis
Pharmaceuticals,
Inc.
(a)
................
3,800
229,862
Arrowhead
Pharmaceuticals,
Inc.
(a)
(b)
............
4,198
146,132
Beam
Therapeutics,
Inc.
(a)
(b)
..................
2,406
106,008
Biogen,
Inc.
(a)
...........................
5,883
1,667,478
Biohaven
Ltd.
(a)
..........................
2,324
38,509
BioMarin
Pharmaceutical,
Inc.
(a)
...............
7,579
656,569
Blueprint
Medicines
Corp.
(a)
..................
2,401
124,468
CRISPR
Therapeutics
AG
(a)
(b)
.................
3,174
166,127
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Biotechnology
(continued)
Denali
Therapeutics,
Inc.
(a)
(b)
.................
4,402
$
126,249
Exact
Sciences
Corp.
(a)
(b)
....................
7,280
253,198
Exelixis,
Inc.
(a)
...........................
12,734
211,130
Fate
Therapeutics,
Inc.
(a)
(b)
...................
3,258
68,157
Gilead
Sciences,
Inc.
......................
51,010
4,002,245
Halozyme
Therapeutics,
Inc.
(a)
(b)
...............
5,733
274,095
Horizon
Therapeutics
PLC
(a)
.................
9,380
584,562
Incyte
Corp.
(a)
...........................
7,440
553,090
Intellia
Therapeutics,
Inc.
(a)
..................
3,094
163,301
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
5,750
254,150
Mirati
Therapeutics,
Inc.
(a)
...................
1,992
134,101
Moderna,
Inc.
(a)
(b)
.........................
13,692
2,058,318
Natera,
Inc.
(a)
...........................
3,947
185,351
Neurocrine
Biosciences,
Inc.
(a)
................
3,944
454,033
Novavax,
Inc.
(a)
(b)
.........................
3,251
72,400
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
4,361
3,265,299
Sarepta
Therapeutics,
Inc.
(a)
.................
3,601
410,586
Seagen,
Inc.
(a)
...........................
5,563
707,391
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
2,734
110,618
United
Therapeutics
Corp.
(a)
..................
1,873
431,783
Vertex
Pharmaceuticals,
Inc.
(a)
................
10,454
3,261,648
Vir
Biotechnology,
Inc.
(a)
....................
3,026
66,511
38,378,109
a
Building
Products
 — 
0
.6
%
A
O
Smith
Corp.
.........................
5,366
293,949
Advanced
Drainage
Systems,
Inc.
.............
2,610
302,447
Allegion
PLC
............................
3,605
377,696
Armstrong
World
Industries,
Inc.
...............
1,866
141,014
Builders
FirstSource,
Inc.
(a)
..................
6,350
391,541
Carlisle
Companies,
Inc.
....................
2,102
501,958
Carrier
Global
Corp.
.......................
34,159
1,358,162
Fortune
Brands
Home
&
Security,
Inc.
...........
5,297
319,515
Johnson
Controls
International
PLC
............
28,023
1,620,850
Lennox
International,
Inc.
...................
1,303
304,342
Masco
Corp.
............................
9,176
424,573
Owens
Corning
..........................
3,976
340,385
Trane
Technologies
PLC
....................
9,427
1,504,832
Trex
Co.,
Inc.
(a)
..........................
4,585
220,493
UFP
Industries,
Inc.
.......................
2,508
178,645
Zurn
Elkay
Water
Solutions
Corp.
..............
5,931
139,319
8,419,721
a
Capital
Markets
 — 
3
.3
%
Affiliated
Managers
Group,
Inc.
...............
1,598
198,408
Ameriprise
Financial,
Inc.
...................
4,385
1,355,491
Ares
Management
Corp.
,
Class
A
..............
6,298
477,577
Bank
of
New
York
Mellon
Corp.
(The)
...........
29,809
1,255,257
BlackRock,
Inc.
(c)
.........................
6,136
3,963,304
Blackstone,
Inc.
,
NVS
......................
28,599
2,606,513
Blue
Owl
Capital,
Inc.
,
Class
A
................
13,586
136,132
Carlyle
Group,
Inc.
(The)
....................
8,822
249,486
Cboe
Global
Markets,
Inc.
...................
4,352
541,824
Charles
Schwab
Corp.
(The)
.................
62,104
4,947,826
CME
Group,
Inc.
,
Class
A
...................
14,630
2,535,379
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
6,403
424,199
FactSet
Research
Systems,
Inc.
...............
1,546
657,808
Federated
Hermes,
Inc.
,
Class
B
..............
3,446
119,748
Franklin
Resources,
Inc.
....................
11,668
273,615
Goldman
Sachs
Group,
Inc.
(The)
.............
13,883
4,782,832
Houlihan
Lokey,
Inc.
,
Class
A
.................
2,047
182,838
Interactive
Brokers
Group,
Inc.
,
Class
A
(b)
.........
4,184
335,348
Intercontinental
Exchange,
Inc.
...............
22,677
2,167,241
Invesco
Ltd.
............................
18,511
283,589
Janus
Henderson
Group
PLC
................
5,392
122,776
Security
Shares
Value
a
Capital
Markets
(continued)
Jefferies
Financial
Group,
Inc.
................
7,812
$
268,811
KKR
&
Co.,
Inc.
..........................
23,444
1,140,082
Lazard
Ltd.
,
Class
A
.......................
4,625
174,409
LPL
Financial
Holdings,
Inc.
..................
3,251
831,118
MarketAxess
Holdings,
Inc.
..................
1,507
367,768
Moody's
Corp.
...........................
6,421
1,700,730
Morgan
Stanley
..........................
54,461
4,475,060
Morningstar,
Inc.
.........................
1,019
236,591
MSCI,
Inc.
,
Class
A
.......................
3,275
1,535,516
Nasdaq,
Inc.
............................
13,793
858,476
Northern
Trust
Corp.
.......................
8,396
708,203
Raymond
James
Financial,
Inc.
...............
7,844
926,690
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
............
20,512
239,580
S&P
Global,
Inc.
.........................
13,858
4,451,882
SEI
Investments
Co.
.......................
4,321
234,630
State
Street
Corp.
........................
14,958
1,106,892
Stifel
Financial
Corp.
......................
4,378
270,867
T
Rowe
Price
Group,
Inc.
...................
9,116
967,755
TPG,
Inc.
,
Class
A
(b)
.......................
2,081
63,991
Tradeweb
Markets,
Inc.
,
Class
A
...............
4,373
240,865
Virtu
Financial,
Inc.
,
Class
A
..................
3,888
87,013
48,504,120
a
Chemicals
 — 
1
.8
%
Air
Products
and
Chemicals,
Inc.
..............
9,041
2,263,866
Albemarle
Corp.
.........................
4,769
1,334,700
Ashland,
Inc.
............................
2,100
220,332
Axalta
Coating
Systems
Ltd.
(a)
................
9,127
212,842
Celanese
Corp.
..........................
4,057
389,959
CF
Industries
Holdings,
Inc.
..................
8,109
861,662
Chemours
Co.
(The)
.......................
6,623
189,617
Corteva,
Inc.
............................
29,230
1,909,888
Dow,
Inc.
..............................
29,224
1,365,930
DuPont
de
Nemours,
Inc.
...................
20,329
1,162,819
Eastman
Chemical
Co.
.....................
4,998
383,896
Ecolab,
Inc.
............................
10,037
1,576,512
Element
Solutions,
Inc.
.....................
9,395
161,594
FMC
Corp.
.............................
5,076
603,536
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
31,274
85,378
Huntsman
Corp.
.........................
7,705
206,186
International
Flavors
&
Fragrances,
Inc.
..........
10,345
1,009,775
Linde
PLC
.............................
20,305
6,037,692
LyondellBasell
Industries
NV
,
Class
A
...........
10,354
791,563
Mosaic
Co.
(The)
.........................
14,051
755,241
NewMarket
Corp.
.........................
256
77,911
Olin
Corp.
..............................
5,491
290,748
PPG
Industries,
Inc.
.......................
9,560
1,091,561
RPM
International,
Inc.
.....................
5,309
502,072
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
...........
1,646
75,568
Sherwin-Williams
Co.
(The)
..................
9,599
2,160,063
Valvoline,
Inc.
...........................
7,052
207,047
Westlake
Corp.
..........................
1,329
128,448
26,056,406
a
Commercial
Services
&
Supplies
 — 
0
.5
%
Cintas
Corp.
............................
3,518
1,504,121
Clean
Harbors,
Inc.
(a)
......................
2,087
255,574
Copart,
Inc.
(a)
...........................
8,699
1,000,559
IAA,
Inc.
(a)
..............................
5,440
206,339
MSA
Safety,
Inc.
.........................
1,517
203,642
Republic
Services,
Inc.
.....................
8,331
1,104,857
Rollins,
Inc.
.............................
9,500
399,760
Stericycle,
Inc.
(a)
.........................
3,804
169,582
Tetra
Tech,
Inc.
..........................
2,123
299,938
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Commercial
Services
&
Supplies
(continued)
Waste
Management,
Inc.
....................
15,311
$
2,424,803
7,569,175
a
Communications
Equipment
 — 
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
10,030
1,212,226
Ciena
Corp.
(a)
...........................
6,117
293,004
Cisco
Systems,
Inc.
.......................
168,531
7,656,363
F5,
Inc.
(a)
..............................
2,431
347,414
Juniper
Networks,
Inc.
.....................
13,157
402,604
Lumentum
Holdings,
Inc.
(a)
(b)
.................
2,849
212,108
Motorola
Solutions,
Inc.
....................
6,821
1,703,272
Ubiquiti,
Inc.
............................
173
59,988
Viavi
Solutions,
Inc.
(a)
......................
9,039
136,489
12,023,468
a
Construction
&
Engineering
 — 
0
.2
%
AECOM
...............................
5,599
421,493
EMCOR
Group,
Inc.
.......................
1,966
277,402
MasTec,
Inc.
(a)
...........................
2,440
188,075
MDU
Resources
Group,
Inc.
.................
8,378
238,605
Quanta
Services,
Inc.
......................
5,866
833,207
Valmont
Industries,
Inc.
.....................
860
274,529
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
8,658
368,225
2,601,536
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.......................
1,558
190,559
Martin
Marietta
Materials,
Inc.
................
2,558
859,437
Vulcan
Materials
Co.
......................
5,435
889,709
1,939,705
a
Consumer
Finance
 — 
0
.6
%
Ally
Financial,
Inc.
........................
12,555
346,016
American
Express
Co.
.....................
24,404
3,622,774
Capital
One
Financial
Corp.
..................
15,619
1,655,926
Credit
Acceptance
Corp.
(a)
(b)
..................
248
115,474
Discover
Financial
Services
..................
11,115
1,161,073
FirstCash
Holdings,
Inc.
....................
1,597
157,224
OneMain
Holdings,
Inc.
.....................
5,032
194,034
SLM
Corp.
.............................
10,231
169,732
SoFi
Technologies,
Inc.
(a)
(b)
..................
33,029
179,678
Synchrony
Financial
.......................
19,603
697,083
8,299,014
a
Containers
&
Packaging
 — 
0
.3
%
Amcor
PLC
.............................
60,841
704,539
AptarGroup,
Inc.
.........................
2,646
262,351
Ardagh
Metal
Packaging
SA
.................
6,137
27,248
Avery
Dennison
Corp.
......................
3,328
564,263
Ball
Corp.
..............................
12,791
631,748
Berry
Global
Group,
Inc.
(a)
...................
5,090
240,859
Crown
Holdings,
Inc.
......................
4,931
338,217
Graphic
Packaging
Holding
Co.
...............
12,527
287,620
International
Paper
Co.
.....................
14,580
490,034
Packaging
Corp.
of
America
.................
3,859
463,890
Sealed
Air
Corp.
.........................
5,965
284,053
Silgan
Holdings,
Inc.
.......................
3,368
159,509
Sonoco
Products
Co.
......................
4,005
248,630
Westrock
Co.
...........................
10,489
357,255
5,060,216
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
........................
5,744
1,021,628
LKQ
Corp.
.............................
10,538
586,334
Security
Shares
Value
a
Distributors
(continued)
Pool
Corp.
.............................
1,607
$
488,898
2,096,860
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
..............................
8,742
73,957
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
2,387
155,919
Chegg,
Inc.
(a)
............................
5,020
108,281
Grand
Canyon
Education,
Inc.
(a)
...............
1,307
131,524
H&R
Block,
Inc.
..........................
6,641
273,277
Service
Corp.
International
..................
6,364
385,722
1,128,680
a
Diversified
Financial
Services
 — 
1
.6
%
Apollo
Global
Management,
Inc.
...............
17,658
977,547
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
73,454
21,675,541
Equitable
Holdings,
Inc.
....................
14,348
439,335
Voya
Financial,
Inc.
.......................
3,986
272,483
23,364,906
a
Diversified
Telecommunication
Services
 — 
0
.8
%
AT&T,
Inc.
..............................
289,769
5,282,489
Frontier
Communications
Parent,
Inc.
(a)
..........
9,072
212,466
Liberty
Global
PLC
,
Class
A
(a)
................
7,115
119,959
Liberty
Global
PLC
,
Class
C
,
NVS
(a)
............
11,250
198,675
Lumen
Technologies,
Inc.
...................
38,759
285,266
Verizon
Communications,
Inc.
................
171,012
6,390,719
12,489,574
a
Electric
Utilities
 — 
1
.8
%
ALLETE,
Inc.
...........................
2,382
134,035
Alliant
Energy
Corp.
.......................
10,261
535,316
American
Electric
Power
Co.,
Inc.
..............
20,956
1,842,452
Avangrid,
Inc.
...........................
2,849
115,897
Constellation
Energy
Corp.
..................
13,320
1,259,273
Duke
Energy
Corp.
.......................
31,337
2,919,982
Edison
International
.......................
15,530
932,421
Entergy
Corp.
...........................
8,292
888,405
Evergy,
Inc.
.............................
9,349
571,504
Eversource
Energy
.......................
14,028
1,070,056
Exelon
Corp.
............................
40,392
1,558,727
FirstEnergy
Corp.
........................
22,088
832,939
Hawaiian
Electric
Industries,
Inc.
..............
4,529
172,283
IDACORP,
Inc.
..........................
2,049
214,530
NextEra
Energy,
Inc.
......................
80,014
6,201,085
NRG
Energy,
Inc.
.........................
9,610
426,684
OGE
Energy
Corp.
........................
8,178
299,560
PG&E
Corp.
(a)
...........................
65,517
978,169
Pinnacle
West
Capital
Corp.
.................
4,592
308,628
PNM
Resources,
Inc.
......................
3,590
166,827
Portland
General
Electric
Co.
.................
3,618
162,593
PPL
Corp.
.............................
29,665
785,826
Southern
Co.
(The)
.......................
43,258
2,832,534
Xcel
Energy,
Inc.
.........................
22,259
1,449,284
26,659,010
a
Electrical
Equipment
 — 
0
.7
%
Acuity
Brands,
Inc.
........................
1,299
238,457
AMETEK,
Inc.
...........................
9,317
1,208,042
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
10,559
147,615
Eaton
Corp.
PLC
.........................
16,180
2,428,133
Emerson
Electric
Co.
......................
24,079
2,085,241
EnerSys
...............................
1,671
110,771
Generac
Holdings,
Inc.
(a)
....................
2,599
301,250
Hubbell,
Inc.
............................
2,176
516,756
nVent
Electric
PLC
........................
6,955
253,858
Plug
Power,
Inc.
(a)
........................
20,824
332,768
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Electrical
Equipment
(continued)
Regal
Rexnord
Corp.
......................
2,673
$
338,241
Rockwell
Automation,
Inc.
...................
4,677
1,194,038
Sensata
Technologies
Holding
PLC
............
6,255
251,514
Shoals
Technologies
Group,
Inc.
,
Class
A
(a)
.......
4,563
105,451
Sunrun,
Inc.
(a)
(b)
..........................
8,294
186,698
Vertiv
Holdings
Co.
,
Class
A
(b)
................
12,188
174,410
9,873,243
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.7
%
Amphenol
Corp.
,
Class
A
...................
24,288
1,841,759
Arrow
Electronics,
Inc.
(a)
....................
2,596
262,871
Avnet,
Inc.
.............................
3,849
154,691
CDW
Corp.
.............................
5,522
954,257
Cognex
Corp.
...........................
7,090
327,771
Coherent
Corp.
(a)
.........................
5,130
172,419
Corning,
Inc.
............................
30,774
990,000
IPG
Photonics
Corp.
(a)
.....................
1,296
111,015
Jabil,
Inc.
..............................
5,670
364,297
Keysight
Technologies,
Inc.
(a)
.................
7,322
1,275,126
Littelfuse,
Inc.
...........................
1,002
220,690
National
Instruments
Corp.
..................
5,412
206,630
TD
SYNNEX
Corp.
........................
1,651
151,083
TE
Connectivity
Ltd.
.......................
12,964
1,584,590
Teledyne
Technologies,
Inc.
(a)
.................
1,922
764,918
Trimble,
Inc.
(a)
...........................
10,122
608,940
Vontier
Corp.
............................
6,149
117,446
Zebra
Technologies
Corp.
,
Class
A
(a)
............
2,099
594,479
10,702,982
a
Energy
Equipment
&
Services
 — 
0
.4
%
Baker
Hughes
Co.
,
Class
A
..................
41,171
1,138,790
Halliburton
Co.
..........................
36,975
1,346,629
NOV,
Inc.
..............................
15,842
354,861
Schlumberger
Ltd.
........................
57,587
2,996,252
TechnipFMC
PLC
(a)
.......................
18,711
198,149
6,034,681
a
Entertainment
 — 
1
.4
%
Activision
Blizzard,
Inc.
.....................
28,968
2,108,870
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
20,149
134,192
Electronic
Arts,
Inc.
.......................
10,748
1,353,818
Endeavor
Group
Holdings,
Inc.
,
Class
A
(a)
........
6,978
152,400
Liberty
Media
Corp.-Liberty
Braves
,
Class
A
(a)
......
486
15,498
Liberty
Media
Corp.-Liberty
Braves
,
Class
C
,
NVS
(a)
(b)
1,506
46,927
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
.
949
49,367
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
...............................
8,330
480,891
Live
Nation
Entertainment,
Inc.
(a)
..............
5,805
462,136
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
711
111,350
Netflix,
Inc.
(a)
............................
18,112
5,286,531
Playtika
Holding
Corp.
(a)
....................
4,125
38,981
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
14,650
655,441
Roku,
Inc.
,
Class
A
(a)
......................
4,811
267,203
Take-Two
Interactive
Software,
Inc.
(a)
............
6,324
749,268
Walt
Disney
Co.
(The)
(a)
....................
74,232
7,908,677
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
90,468
1,176,084
Warner
Music
Group
Corp.
,
Class
A
(b)
...........
4,542
118,183
World
Wrestling
Entertainment,
Inc.
,
Class
A
......
1,673
131,983
21,247,800
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
2
.9
%
Agree
Realty
Corp.
.......................
3,247
223,069
Alexandria
Real
Estate
Equities,
Inc.
............
6,012
873,544
American
Homes
4
Rent
,
Class
A
..............
12,358
394,715
American
Tower
Corp.
.....................
18,945
3,925,215
Security
Shares
Value
a
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Americold
Realty
Trust,
Inc.
..................
10,902
$
264,373
Apartment
Income
REIT
Corp.
................
6,409
246,298
AvalonBay
Communities,
Inc.
................
5,697
997,659
Boston
Properties,
Inc.
.....................
5,724
416,135
Brixmor
Property
Group,
Inc.
.................
12,233
260,685
Camden
Property
Trust
.....................
4,315
498,598
Corporate
Office
Properties
Trust
..............
4,430
118,059
Cousins
Properties,
Inc.
....................
6,091
144,722
Crown
Castle,
Inc.
........................
17,635
2,350,040
CubeSmart
.............................
8,995
376,621
Digital
Realty
Trust,
Inc.
....................
11,622
1,165,105
Douglas
Emmett,
Inc.
......................
6,847
120,439
EastGroup
Properties,
Inc.
..................
1,797
281,572
Equinix,
Inc.
............................
3,713
2,103,192
Equity
Commonwealth
.....................
4,459
116,647
Equity
LifeStyle
Properties,
Inc.
...............
7,204
460,768
Equity
Residential
........................
13,722
864,760
Essex
Property
Trust,
Inc.
...................
2,663
591,825
Extra
Space
Storage,
Inc.
...................
5,458
968,468
Federal
Realty
Investment
Trust
...............
2,888
285,854
First
Industrial
Realty
Trust,
Inc.
...............
5,467
260,393
Gaming
and
Leisure
Properties,
Inc.
............
10,396
521,048
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
15,297
310,988
Healthpeak
Properties,
Inc.
..................
21,713
515,249
Highwoods
Properties,
Inc.
..................
4,176
117,888
Host
Hotels
&
Resorts,
Inc.
..................
29,365
554,411
Invitation
Homes,
Inc.
......................
23,595
747,726
Iron
Mountain,
Inc.
........................
11,926
597,135
JBG
SMITH
Properties
.....................
4,437
87,320
Kilroy
Realty
Corp.
........................
4,349
185,876
Kimco
Realty
Corp.
.......................
25,345
541,876
Lamar
Advertising
Co.
,
Class
A
...............
3,593
331,382
Life
Storage,
Inc.
.........................
3,434
379,835
LXP
Industrial
Trust
.......................
11,413
110,478
Medical
Properties
Trust,
Inc.
.................
23,950
274,227
Mid-America
Apartment
Communities,
Inc.
........
4,714
742,219
National
Health
Investors,
Inc.
................
1,798
101,947
National
Retail
Properties,
Inc.
................
7,059
296,690
National
Storage
Affiliates
Trust
...............
3,633
154,984
Omega
Healthcare
Investors,
Inc.
..............
9,586
304,643
Physicians
Realty
Trust
.....................
9,361
140,977
PotlatchDeltic
Corp.
.......................
3,278
145,838
Prologis,
Inc.
............................
37,528
4,156,226
Public
Storage
...........................
6,428
1,991,073
Rayonier,
Inc.
...........................
5,790
195,123
Realty
Income
Corp.
.......................
25,131
1,564,907
Regency
Centers
Corp.
....................
6,404
387,506
Rexford
Industrial
Realty,
Inc.
................
6,961
384,804
Sabra
Health
Care
REIT,
Inc.
.................
9,797
133,827
SBA
Communications
Corp.
,
Class
A
............
4,413
1,191,069
Simon
Property
Group,
Inc.
..................
13,377
1,457,825
SL
Green
Realty
Corp.
.....................
2,570
101,978
Spirit
Realty
Capital,
Inc.
....................
5,446
211,468
STAG
Industrial,
Inc.
......................
7,504
237,051
STORE
Capital
Corp.
......................
10,812
343,822
Sun
Communities,
Inc.
.....................
5,035
678,970
UDR,
Inc.
..............................
12,430
494,217
Ventas,
Inc.
............................
16,194
633,671
VICI
Properties,
Inc.
.......................
38,986
1,248,332
Vornado
Realty
Trust
......................
6,518
153,760
Welltower,
Inc.
...........................
18,856
1,150,970
Weyerhaeuser
Co.
........................
30,206
934,272
WP
Carey,
Inc.
..........................
8,446
644,430
43,766,794
a
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Food
&
Staples
Retailing
 — 
1
.6
%
Albertsons
Companies,
Inc.
,
Class
A
............
6,494
$
133,192
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
5,575
431,505
Casey's
General
Stores,
Inc.
.................
1,527
355,348
Costco
Wholesale
Corp.
....................
18,028
9,041,042
Kroger
Co.
(The)
.........................
26,579
1,256,921
Performance
Food
Group
Co.
(a)
(b)
..............
6,303
328,008
Sprouts
Farmers
Market,
Inc.
(a)
(b)
..............
4,185
123,457
Sysco
Corp.
............................
20,803
1,800,708
U.S.
Foods
Holding
Corp.
(a)
..................
8,313
247,395
Walgreens
Boots
Alliance,
Inc.
................
29,314
1,069,961
Walmart,
Inc.
............................
58,034
8,259,979
23,047,516
a
Food
Products
 — 
1
.2
%
Archer-Daniels-Midland
Co.
..................
22,879
2,218,805
Bunge
Ltd.
.............................
6,146
606,610
Campbell
Soup
Co.
.......................
8,269
437,513
Conagra
Brands,
Inc.
......................
19,582
718,659
Darling
Ingredients,
Inc.
(a)
...................
6,490
509,335
Flowers
Foods,
Inc.
.......................
7,742
222,273
General
Mills,
Inc.
........................
24,148
1,969,994
Hershey
Co.
(The)
........................
5,988
1,429,755
Hormel
Foods
Corp.
.......................
11,778
547,088
Ingredion,
Inc.
...........................
2,741
244,278
JM
Smucker
Co.
(The)
.....................
4,337
653,412
Kellogg
Co.
.............................
10,401
799,005
Kraft
Heinz
Co.
(The)
......................
32,413
1,246,928
Lamb
Weston
Holdings,
Inc.
.................
5,945
512,578
Lancaster
Colony
Corp.
....................
762
137,373
McCormick
&
Co.,
Inc.
,
NVS
.................
10,176
800,241
Mondelez
International,
Inc.
,
Class
A
............
55,777
3,429,170
Pilgrim's
Pride
Corp.
(a)
.....................
2,122
48,912
Post
Holdings,
Inc.
(a)
(b)
......................
2,214
200,190
Seaboard
Corp.
..........................
10
37,464
Tyson
Foods,
Inc.
,
Class
A
..................
11,674
797,918
17,567,501
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.......................
5,656
602,647
National
Fuel
Gas
Co.
.....................
3,625
244,651
New
Jersey
Resources
Corp.
.................
4,052
180,881
ONE
Gas,
Inc.
...........................
2,141
165,885
Southwest
Gas
Holdings,
Inc.
................
2,482
181,360
Spire,
Inc.
..............................
2,109
147,229
UGI
Corp.
..............................
8,311
293,628
1,816,281
a
Health
Care
Equipment
&
Supplies
 — 
2
.7
%
Abbott
Laboratories
.......................
71,322
7,056,599
ABIOMED,
Inc.
(a)
.........................
1,840
463,827
Align
Technology,
Inc.
(a)
.....................
2,955
574,156
Baxter
International,
Inc.
....................
20,386
1,107,979
Becton
Dickinson
and
Co.
...................
11,620
2,741,971
Boston
Scientific
Corp.
(a)
....................
58,251
2,511,201
Cooper
Companies,
Inc.
(The)
................
2,032
555,528
Dentsply
Sirona,
Inc.
......................
9,001
277,411
Dexcom,
Inc.
(a)
..........................
16,018
1,934,654
Edwards
Lifesciences
Corp.
(a)
................
25,258
1,829,437
Enovis
Corp.
(a)
...........................
1,973
97,565
Envista
Holdings
Corp.
(a)
(b)
...................
6,498
214,499
Globus
Medical,
Inc.
,
Class
A
(a)
...............
3,201
214,467
Haemonetics
Corp.
(a)
......................
2,053
174,402
Hologic,
Inc.
(a)
...........................
10,172
689,662
ICU
Medical,
Inc.
(a)
........................
796
118,134
IDEXX
Laboratories,
Inc.
(a)
...................
3,375
1,213,920
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Insulet
Corp.
(a)
...........................
2,839
$
734,762
Integra
LifeSciences
Holdings
Corp.
(a)
...........
2,902
145,826
Intuitive
Surgical,
Inc.
(a)
.....................
14,537
3,582,934
Masimo
Corp.
(a)
..........................
1,966
258,726
Medtronic
PLC
..........................
54,029
4,718,893
Novocure
Ltd.
(a)
(b)
.........................
3,731
263,632
NuVasive,
Inc.
(a)
..........................
2,072
91,437
Omnicell,
Inc.
(a)
..........................
1,754
135,619
Penumbra,
Inc.
(a)
.........................
1,554
266,464
QuidelOrtho
Corp.
(a)
.......................
2,207
198,233
ResMed,
Inc.
...........................
5,931
1,326,705
Shockwave
Medical,
Inc.
(a)
...................
1,490
436,794
STAAR
Surgical
Co.
(a)
......................
1,909
135,291
STERIS
PLC
............................
4,070
702,401
Stryker
Corp.
...........................
13,700
3,140,588
Tandem
Diabetes
Care,
Inc.
(a)
................
2,509
140,880
Teleflex,
Inc.
............................
1,894
406,377
Zimmer
Biomet
Holdings,
Inc.
................
8,548
968,916
39,429,890
a
Health
Care
Providers
&
Services
 — 
3
.5
%
1Life
Healthcare,
Inc.
(a)
.....................
6,813
116,502
Acadia
Healthcare
Co.,
Inc.
(a)
.................
3,675
298,778
agilon
health,
Inc.
(a)
(b)
......................
8,028
159,356
Amedisys,
Inc.
(a)
.........................
1,326
129,404
AmerisourceBergen
Corp.
...................
6,325
994,416
Cardinal
Health,
Inc.
.......................
11,167
847,575
Centene
Corp.
(a)
.........................
23,259
1,980,039
Chemed
Corp.
...........................
595
277,788
Cigna
Corp.
............................
12,415
4,010,790
CVS
Health
Corp.
........................
53,370
5,054,139
DaVita,
Inc.
(a)
............................
2,266
165,441
Elevance
Health,
Inc.
......................
9,759
5,335,928
Encompass
Health
Corp.
...................
4,140
225,382
Guardant
Health,
Inc.
(a)
.....................
4,081
202,010
HCA
Healthcare,
Inc.
......................
8,755
1,903,950
HealthEquity,
Inc.
(a)
........................
3,351
261,076
Henry
Schein,
Inc.
(a)
(b)
......................
5,589
382,623
Humana,
Inc.
...........................
5,151
2,874,670
Laboratory
Corp.
of
America
Holdings
...........
3,679
816,223
LHC
Group,
Inc.
(a)
........................
1,300
217,230
McKesson
Corp.
.........................
5,850
2,277,815
Molina
Healthcare,
Inc.
(a)
....................
2,357
845,833
Oak
Street
Health,
Inc.
(a)
(b)
...................
4,715
95,384
Option
Care
Health,
Inc.
(a)
...................
6,290
190,335
Premier,
Inc.
,
Class
A
......................
4,927
171,854
Quest
Diagnostics,
Inc.
.....................
4,789
687,940
R1
RCM,
Inc.
(a)
..........................
5,392
95,223
Signify
Health,
Inc.
,
Class
A
(a)
.................
2,806
82,019
Tenet
Healthcare
Corp.
(a)
....................
4,258
188,885
UnitedHealth
Group,
Inc.
....................
38,069
21,134,005
Universal
Health
Services,
Inc.
,
Class
B
.........
2,720
315,166
52,337,779
a
Health
Care
Technology
 — 
0
.1
%
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
4,494
118,956
Teladoc
Health,
Inc.
(a)
......................
6,414
190,111
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
5,660
950,541
1,259,608
a
Hotels,
Restaurants
&
Leisure
 — 
2
.1
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
.....................
16,244
1,736,646
Aramark
...............................
10,397
379,490
Booking
Holdings,
Inc.
(a)
....................
1,615
3,019,210
Boyd
Gaming
Corp.
.......................
3,256
188,066
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Caesars
Entertainment,
Inc.
(a)
................
8,597
$
375,947
Carnival
Corp.
(a)
(b)
.........................
39,602
358,794
Chipotle
Mexican
Grill,
Inc.
(a)
.................
1,131
1,694,611
Choice
Hotels
International,
Inc.
...............
1,181
153,341
Churchill
Downs,
Inc.
......................
1,355
281,718
Darden
Restaurants,
Inc.
...................
4,988
713,982
Domino's
Pizza,
Inc.
.......................
1,441
478,758
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
18,252
288,382
Dutch
Bros,
Inc.
,
Class
A
(a)
(b)
.................
959
35,397
Expedia
Group,
Inc.
(a)
......................
6,213
580,729
Hilton
Worldwide
Holdings,
Inc.
...............
11,163
1,509,907
Hyatt
Hotels
Corp.
,
Class
A
(a)
(b)
................
1,966
185,217
Las
Vegas
Sands
Corp.
(a)
...................
13,372
508,270
Light
&
Wonder,
Inc.
(a)
......................
3,869
217,206
Marriott
International,
Inc.
,
Class
A
.............
11,270
1,804,440
Marriott
Vacations
Worldwide
Corp.
.............
1,585
234,200
McDonald's
Corp.
........................
29,942
8,163,986
MGM
Resorts
International
..................
13,276
472,227
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.........
16,833
284,309
Penn
Entertainment,
Inc.
(a)
...................
6,670
220,777
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
...............
3,360
220,013
Royal
Caribbean
Cruises
Ltd.
(a)
...............
8,957
478,125
Starbucks
Corp.
..........................
46,791
4,051,633
Texas
Roadhouse,
Inc.
.....................
2,689
266,076
Vail
Resorts,
Inc.
.........................
1,670
365,947
Wendy's
Co.
(The)
........................
6,770
140,680
Wyndham
Hotels
&
Resorts,
Inc.
..............
3,756
285,193
Wynn
Resorts
Ltd.
(a)
(b)
......................
4,233
270,489
Yum!
Brands,
Inc.
........................
11,535
1,364,014
31,327,780
a
Household
Durables
 — 
0
.3
%
DR
Horton,
Inc.
..........................
12,916
992,982
Garmin
Ltd.
.............................
6,320
556,413
Helen
of
Troy
Ltd.
(a)
.......................
987
93,390
Leggett
&
Platt,
Inc.
.......................
5,547
187,211
Lennar
Corp.
,
Class
A
......................
10,347
835,003
Lennar
Corp.
,
Class
B
.....................
668
43,567
Mohawk
Industries,
Inc.
(a)
...................
2,087
197,743
Newell
Brands,
Inc.
.......................
15,192
209,802
NVR,
Inc.
(a)
.............................
126
533,956
PulteGroup,
Inc.
.........................
9,623
384,824
Tempur
Sealy
International,
Inc.
...............
7,110
191,188
Toll
Brothers,
Inc.
.........................
4,528
195,066
TopBuild
Corp.
(a)
.........................
1,326
225,606
Whirlpool
Corp.
..........................
2,218
306,616
4,953,367
a
Household
Products
 — 
1
.3
%
Church
&
Dwight
Co.,
Inc.
...................
9,791
725,807
Clorox
Co.
(The)
.........................
5,050
737,502
Colgate-Palmolive
Co.
.....................
33,982
2,509,231
Kimberly-Clark
Corp.
......................
13,681
1,702,737
Procter
&
Gamble
Co.
(The)
.................
97,251
13,096,792
Reynolds
Consumer
Products,
Inc.
.............
2,436
74,396
18,846,465
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.........................
27,384
716,365
Clearway
Energy,
Inc.
,
Class
A
................
1,392
45,003
Clearway
Energy,
Inc.
,
Class
C
...............
3,287
114,191
Vistra
Corp.
............................
15,927
365,843
1,241,402
a
Security
Shares
Value
a
Industrial
Conglomerates
 — 
0
.8
%
3M
Co.
................................
22,506
$
2,831,030
General
Electric
Co.
.......................
44,609
3,471,026
Honeywell
International,
Inc.
.................
27,387
5,587,496
11,889,552
a
Insurance
 — 
2
.5
%
Aflac,
Inc.
..............................
23,402
1,523,704
Allstate
Corp.
(The)
.......................
10,999
1,388,624
American
Financial
Group,
Inc.
...............
2,842
412,403
American
International
Group,
Inc.
.............
30,945
1,763,865
Aon
PLC
,
Class
A
........................
8,580
2,415,184
Arch
Capital
Group
Ltd.
(a)
...................
15,022
863,765
Arthur
J
Gallagher
&
Co.
(b)
...................
8,584
1,605,895
Assurant,
Inc.
...........................
2,166
294,273
Axis
Capital
Holdings
Ltd.
...................
3,003
164,174
Brighthouse
Financial,
Inc.
(a)
.................
2,850
162,650
Brown
&
Brown,
Inc.
.......................
9,411
553,273
Chubb
Ltd.
.............................
16,991
3,651,196
Cincinnati
Financial
Corp.
...................
6,479
669,410
CNA
Financial
Corp.
.......................
1,091
45,495
Enstar
Group
Ltd.
(a)
.......................
525
105,273
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
1,024
263,178
Everest
Re
Group
Ltd.
.....................
1,622
523,355
Fidelity
National
Financial,
Inc.
................
11,110
437,512
First
American
Financial
Corp.
................
4,308
217,123
Globe
Life,
Inc.
..........................
3,718
429,503
Hanover
Insurance
Group,
Inc.
(The)
...........
1,477
216,366
Hartford
Financial
Services
Group,
Inc.
(The)
......
13,150
952,191
Kemper
Corp.
...........................
2,435
116,076
Lincoln
National
Corp.
.....................
6,303
339,543
Loews
Corp.
............................
8,187
466,823
Markel
Corp.
(a)
...........................
544
656,118
Marsh
&
McLennan
Companies,
Inc.
............
20,319
3,281,315
MetLife,
Inc.
............................
27,264
1,995,997
Old
Republic
International
Corp.
...............
11,878
275,688
Primerica,
Inc.
...........................
1,516
219,365
Principal
Financial
Group,
Inc.
................
9,493
836,618
Progressive
Corp.
(The)
....................
23,822
3,058,745
Prudential
Financial,
Inc.
....................
15,037
1,581,742
Reinsurance
Group
of
America,
Inc.
............
2,766
407,072
RenaissanceRe
Holdings
Ltd.
................
1,778
275,021
RLI
Corp.
..............................
1,670
217,217
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
.........
3,365
150,920
Selective
Insurance
Group,
Inc.
(b)
..............
2,441
239,413
Travelers
Companies,
Inc.
(The)
...............
9,621
1,774,690
Unum
Group
............................
7,649
348,718
W
R
Berkley
Corp.
........................
8,279
615,792
White
Mountains
Insurance
Group
Ltd.
..........
102
144,447
Willis
Towers
Watson
PLC
...................
4,441
969,071
36,628,803
a
Interactive
Media
&
Services
 — 
3
.7
%
Alphabet,
Inc.
,
Class
A
(a)
....................
244,027
23,062,992
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
218,217
20,656,421
Bumble,
Inc.
,
Class
A
(a)
(b)
....................
3,424
86,970
Cargurus,
Inc.
,
Class
A
(a)
....................
3,523
51,295
IAC,
Inc.
(a)
(b)
............................
3,140
152,855
Match
Group,
Inc.
(a)
.......................
11,566
499,651
Meta
Platforms,
Inc.
,
Class
A
(a)
................
92,839
8,648,881
Pinterest,
Inc.
,
Class
A
(a)
....................
23,720
583,512
Snap,
Inc.
,
Class
A
,
NVS
(a)
(b)
.................
41,999
416,210
Ziff
Davis,
Inc.
(a)
(b)
.........................
1,941
150,214
ZoomInfo
Technologies,
Inc.
(a)
................
10,999
489,786
54,798,787
a
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Internet
&
Direct
Marketing
Retail
 — 
2
.6
%
Amazon.com,
Inc.
(a)
.......................
360,717
$
36,951,850
Chewy,
Inc.
,
Class
A
(a)
(b)
....................
3,802
147,251
DoorDash,
Inc.
,
Class
A
(a)
...................
10,634
462,898
eBay,
Inc.
..............................
22,307
888,711
Etsy,
Inc.
(a)
(b)
............................
5,098
478,753
Wayfair,
Inc.
,
Class
A
(a)
(b)
....................
3,116
118,159
39,047,622
a
IT
Services
 — 
4
.6
%
Accenture
PLC
,
Class
A
....................
25,748
7,309,857
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
8,380
168,187
Akamai
Technologies,
Inc.
(a)
..................
6,490
573,262
Amdocs
Ltd.
............................
4,958
427,925
Automatic
Data
Processing,
Inc.
...............
16,905
4,085,938
Block,
Inc.
,
Class
A
(a)
......................
21,549
1,294,448
Broadridge
Financial
Solutions,
Inc.
............
4,784
717,887
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
11,532
649,482
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
21,172
1,317,957
Concentrix
Corp.
.........................
1,759
215,003
DXC
Technology
Co.
(a)
.....................
9,155
263,206
EPAM
Systems,
Inc.
(a)
......................
2,324
813,400
Euronet
Worldwide,
Inc.
(a)
...................
1,916
160,963
Fidelity
National
Information
Services,
Inc.
........
24,781
2,056,575
Fiserv,
Inc.
(a)
............................
26,027
2,674,014
FleetCor
Technologies,
Inc.
(a)
.................
3,053
568,224
Gartner,
Inc.
(a)
...........................
3,218
971,579
Genpact
Ltd.
............................
6,955
337,318
Global
Payments,
Inc.
.....................
11,279
1,288,739
GoDaddy,
Inc.
,
Class
A
(a)
....................
6,338
509,575
International
Business
Machines
Corp.
..........
36,728
5,079,115
Jack
Henry
&
Associates,
Inc.
................
3,000
597,180
Marqeta,
Inc.
,
Class
A
(a)
(b)
...................
16,660
131,281
Mastercard,
Inc.
,
Class
A
....................
34,726
11,396,379
Maximus,
Inc.
...........................
2,597
160,157
MongoDB,
Inc.
,
Class
A
(a)
...................
2,761
505,346
Okta,
Inc.
,
Class
A
(a)
.......................
6,032
338,516
Paychex,
Inc.
...........................
13,022
1,540,633
PayPal
Holdings,
Inc.
(a)
.....................
47,045
3,932,021
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
..............
2,213
101,732
Snowflake,
Inc.
,
Class
A
(a)
...................
11,517
1,846,175
Squarespace,
Inc.
,
Class
A
(a)
.................
1,778
39,489
SS&C
Technologies
Holdings,
Inc.
.............
8,883
456,764
Switch,
Inc.
,
Class
A
.......................
5,577
189,897
Thoughtworks
Holding,
Inc.
(a)
.................
2,651
25,476
Toast,
Inc.
,
Class
A
(a)
......................
12,254
270,691
Twilio,
Inc.
,
Class
A
(a)
......................
6,957
517,392
VeriSign,
Inc.
(a)
..........................
3,798
761,347
Visa,
Inc.
,
Class
A
........................
66,542
13,784,841
Western
Union
Co.
(The)
...................
16,095
217,443
WEX,
Inc.
(a)
.............................
1,803
295,944
68,591,358
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
2,951
208,547
Hasbro,
Inc.
............................
5,364
350,001
Mattel,
Inc.
(a)
............................
14,265
270,465
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
11,985
100,674
Polaris,
Inc.
.............................
2,232
226,771
Topgolf
Callaway
Brands
Corp.
(a)
..............
5,639
105,562
YETI
Holdings,
Inc.
(a)
......................
3,522
112,986
1,375,006
a
Life
Sciences
Tools
&
Services
 — 
1
.8
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
...............
3,652
99,261
Agilent
Technologies,
Inc.
...................
12,104
1,674,588
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Avantor,
Inc.
(a)
...........................
27,427
$
553,203
Azenta,
Inc.
............................
2,996
133,022
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
888
312,318
Bio-Techne
Corp.
.........................
1,592
471,646
Bruker
Corp.
............................
4,088
252,802
Charles
River
Laboratories
International,
Inc.
(a)
.....
2,095
444,664
Danaher
Corp.
..........................
26,668
6,711,535
Illumina,
Inc.
(a)
(b)
..........................
6,358
1,454,837
IQVIA
Holdings,
Inc.
(a)
......................
7,589
1,591,186
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
4,394
72,940
Medpace
Holdings,
Inc.
(a)
...................
1,021
226,642
Mettler-Toledo
International,
Inc.
(a)
.............
918
1,161,206
PerkinElmer,
Inc.
.........................
5,176
691,410
Repligen
Corp.
(a)
.........................
2,130
388,704
Sotera
Health
Co.
(a)
.......................
3,990
27,451
Syneos
Health,
Inc.
,
Class
A
(a)
................
4,111
207,112
Thermo
Fisher
Scientific,
Inc.
.................
15,945
8,195,252
Waters
Corp.
(a)
..........................
2,421
724,291
West
Pharmaceutical
Services,
Inc.
............
3,027
696,513
26,090,583
a
Machinery
 — 
1
.9
%
AGCO
Corp.
............................
2,477
307,569
Allison
Transmission
Holdings,
Inc.
.............
4,046
170,944
Caterpillar,
Inc.
..........................
21,475
4,648,479
Chart
Industries,
Inc.
(a)
(b)
....................
1,447
322,507
Crane
Holdings
Co.
.......................
1,905
191,148
Cummins,
Inc.
...........................
5,766
1,409,845
Deere
&
Co.
............................
11,313
4,477,912
Donaldson
Co.,
Inc.
.......................
4,931
283,286
Dover
Corp.
............................
5,894
770,287
Flowserve
Corp.
.........................
5,452
156,363
Fortive
Corp.
............................
14,439
922,652
Gates
Industrial
Corp.
PLC
(a)
.................
3,822
42,615
Graco,
Inc.
.............................
6,933
482,398
IDEX
Corp.
.............................
3,037
675,155
Illinois
Tool
Works,
Inc.
.....................
11,465
2,448,121
Ingersoll
Rand,
Inc.
.......................
16,323
824,312
ITT,
Inc.
...............................
3,329
254,302
Lincoln
Electric
Holdings,
Inc.
................
2,389
339,238
Middleby
Corp.
(The)
(a)
.....................
2,187
305,874
Nikola
Corp.
(a)
(b)
..........................
12,172
46,132
Nordson
Corp.
...........................
2,215
498,375
Oshkosh
Corp.
..........................
2,750
242,000
Otis
Worldwide
Corp.
......................
17,183
1,213,807
PACCAR,
Inc.
...........................
14,139
1,369,079
Parker-Hannifin
Corp.
......................
5,202
1,511,805
Pentair
PLC
............................
6,681
286,949
RBC
Bearings,
Inc.
(a)
......................
1,147
290,799
Snap-on,
Inc.
...........................
2,189
486,067
Stanley
Black
&
Decker,
Inc.
.................
5,931
465,524
Timken
Co.
(The)
.........................
2,714
193,481
Toro
Co.
(The)
...........................
4,320
455,458
Westinghouse
Air
Brake
Technologies
Corp.
.......
7,449
694,843
Xylem,
Inc.
.............................
7,395
757,470
27,544,796
a
Marine
 — 
0
.0
%
Kirby
Corp.
(a)
............................
2,464
171,864
a
Media
 — 
0
.9
%
Altice
USA,
Inc.
,
Class
A
(a)
...................
9,410
62,200
Cable
One,
Inc.
..........................
201
172,745
Charter
Communications,
Inc.
,
Class
A
(a)
.........
4,510
1,657,966
Comcast
Corp.
,
Class
A
....................
179,442
5,695,489
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
26
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Media
(continued)
DISH
Network
Corp.
,
Class
A
(a)
...............
10,157
$
151,441
Fox
Corp.
,
Class
A
,
NVS
....................
12,607
363,964
Fox
Corp.
,
Class
B
........................
5,754
156,509
Interpublic
Group
of
Companies,
Inc.
(The)
.......
15,830
471,576
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
............
694
59,212
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
5,042
425,696
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
(b)
...
3,035
128,805
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
,
NVS
(a)
6,072
256,178
New
York
Times
Co.
(The)
,
Class
A
.............
6,730
194,901
News
Corp.
,
Class
A
,
NVS
..................
15,914
268,469
News
Corp.
,
Class
B
......................
4,795
82,139
Nexstar
Media
Group,
Inc.
...................
1,552
265,858
Omnicom
Group,
Inc.
......................
8,358
608,044
Paramount
Global
,
Class
A
(b)
.................
452
9,528
Paramount
Global
,
Class
B
,
NVS
..............
20,547
376,421
Sirius
XM
Holdings,
Inc.
(b)
...................
28,524
172,285
TEGNA,
Inc.
............................
9,441
197,128
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
17,996
958,107
12,734,661
a
Metals
&
Mining
 — 
0
.5
%
Alcoa
Corp.
.............................
7,529
293,857
Cleveland-Cliffs,
Inc.
(a)
.....................
21,050
273,439
Commercial
Metals
Co.
.....................
4,741
215,715
Freeport-McMoRan,
Inc.
....................
58,166
1,843,281
MP
Materials
Corp.
,
Class
A
(a)
(b)
...............
3,757
112,860
Newmont
Corp.
..........................
32,197
1,362,577
Nucor
Corp.
............................
10,644
1,398,409
Reliance
Steel
&
Aluminum
Co.
...............
2,418
487,179
Royal
Gold,
Inc.
..........................
2,688
255,252
Steel
Dynamics,
Inc.
.......................
7,031
661,266
United
States
Steel
Corp.
...................
9,617
195,802
7,099,637
a
Mortgage
Real
Estate
Investment
 — 
0
.1
%
AGNC
Investment
Corp.
....................
21,146
173,820
Annaly
Capital
Management,
Inc.
..............
17,542
325,404
Blackstone
Mortgage
Trust,
Inc.
,
Class
A
.........
6,714
167,581
Rithm
Capital
Corp.
.......................
19,063
160,701
Starwood
Property
Trust,
Inc.
.................
12,372
255,606
1,083,112
a
Multiline
Retail
 — 
0
.5
%
Dollar
General
Corp.
......................
9,258
2,361,253
Dollar
Tree,
Inc.
(a)
.........................
8,588
1,361,198
Kohl's
Corp.
............................
5,209
156,010
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
..........
2,274
127,344
Target
Corp.
............................
18,909
3,105,803
7,111,608
a
Multi-Utilities
 — 
0
.8
%
Ameren
Corp.
...........................
10,525
857,998
Avista
Corp.
............................
2,714
111,355
Black
Hills
Corp.
.........................
2,711
177,218
CenterPoint
Energy,
Inc.
....................
25,748
736,650
CMS
Energy
Corp.
........................
11,669
665,717
Consolidated
Edison,
Inc.
...................
14,404
1,266,976
Dominion
Energy,
Inc.
......................
33,907
2,372,473
DTE
Energy
Co.
.........................
7,864
881,633
NiSource,
Inc.
...........................
16,426
421,984
NorthWestern
Corp.
.......................
2,153
113,743
Public
Service
Enterprise
Group,
Inc.
...........
20,404
1,144,052
Sempra
Energy
..........................
12,827
1,936,107
WEC
Energy
Group,
Inc.
....................
12,884
1,176,696
11,862,602
a
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.8
%
Antero
Resources
Corp.
(a)
...................
11,459
$
420,087
APA
Corp.
.............................
13,286
603,982
Cheniere
Energy,
Inc.
......................
10,157
1,791,796
Chesapeake
Energy
Corp.
..................
3,936
402,535
Chevron
Corp.
...........................
73,291
13,258,342
ConocoPhillips
..........................
51,855
6,538,397
Continental
Resources,
Inc.
..................
2,216
163,918
Coterra
Energy,
Inc.
.......................
32,251
1,003,974
Devon
Energy
Corp.
.......................
26,612
2,058,438
Diamondback
Energy,
Inc.
...................
7,233
1,136,377
DT
Midstream,
Inc.
........................
3,955
236,113
EOG
Resources,
Inc.
......................
23,864
3,257,913
EQT
Corp.
.............................
15,055
629,901
Equitrans
Midstream
Corp.
..................
16,793
141,397
Exxon
Mobil
Corp.
........................
169,616
18,795,149
Hess
Corp.
.............................
11,339
1,599,706
HF
Sinclair
Corp.
.........................
5,946
363,717
Kinder
Morgan,
Inc.
,
Class
P
.................
80,679
1,461,903
Marathon
Oil
Corp.
........................
27,573
839,598
Marathon
Petroleum
Corp.
..................
20,292
2,305,577
Matador
Resources
Co.
....................
4,568
303,544
New
Fortress
Energy,
Inc.
,
Class
A
.............
1,942
106,946
Occidental
Petroleum
Corp.
..................
30,325
2,201,595
ONEOK,
Inc.
............................
18,130
1,075,472
Ovintiv,
Inc.
.............................
10,422
527,874
PDC
Energy,
Inc.
.........................
3,918
282,645
Phillips
66
..............................
19,621
2,046,274
Pioneer
Natural
Resources
Co.
...............
9,703
2,487,946
Range
Resources
Corp.
....................
10,083
287,164
Southwestern
Energy
Co.
(a)
..................
45,343
314,227
Targa
Resources
Corp.
.....................
9,306
636,251
Texas
Pacific
Land
Corp.
....................
251
578,271
Valero
Energy
Corp.
.......................
16,033
2,012,943
Williams
Companies,
Inc.
(The)
...............
49,769
1,628,939
71,498,911
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
.....................
3,007
170,347
a
Personal
Products
 — 
0
.1
%
Coty,
Inc.
,
Class
A
(a)
.......................
14,426
96,799
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
9,407
1,886,009
Olaplex
Holdings,
Inc.
(a)
....................
2,877
12,659
1,995,467
a
Pharmaceuticals
 — 
4
.3
%
Bristol-Myers
Squibb
Co.
....................
86,973
6,737,798
Catalent,
Inc.
(a)
..........................
7,230
475,228
Elanco
Animal
Health,
Inc.
(a)
..................
17,803
234,822
Eli
Lilly
&
Co.
...........................
32,097
11,622,003
Jazz
Pharmaceuticals
PLC
(a)
.................
2,557
367,671
Johnson
&
Johnson
.......................
107,003
18,615,312
Merck
&
Co.,
Inc.
.........................
103,148
10,438,578
Organon
&
Co.
..........................
10,357
271,146
Perrigo
Co.
PLC
.........................
5,586
225,004
Pfizer,
Inc.
.............................
228,469
10,635,232
Royalty
Pharma
PLC
,
Class
A
................
15,001
634,842
Viatris,
Inc.
.............................
49,473
501,161
Zoetis,
Inc.
,
Class
A
.......................
19,073
2,875,827
63,634,624
a
Professional
Services
 — 
0
.5
%
Alight,
Inc.
,
Class
A
(a)
(b)
.....................
11,616
96,297
ASGN,
Inc.
(a)
............................
2,122
179,903
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
5,435
591,600
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Professional
Services
(continued)
CACI
International,
Inc.
,
Class
A
(a)
.............
949
$
288,525
Clarivate
PLC
(a)
(b)
.........................
17,540
181,188
CoStar
Group,
Inc.
(a)
.......................
16,127
1,334,025
Dun
&
Bradstreet
Holdings,
Inc.
...............
8,826
113,414
Equifax,
Inc.
............................
4,986
845,327
FTI
Consulting,
Inc.
(a)
(b)
.....................
1,398
217,571
Insperity,
Inc.
............................
1,463
172,663
Jacobs
Solutions,
Inc.
......................
5,253
605,251
KBR,
Inc.
..............................
5,633
280,354
Leidos
Holdings,
Inc.
......................
5,536
562,402
ManpowerGroup,
Inc.
......................
2,185
171,173
Robert
Half
International,
Inc.
.................
4,470
341,776
Science
Applications
International
Corp.
.........
2,227
241,273
TransUnion
.............................
7,793
461,891
TriNet
Group,
Inc.
(a)
.......................
1,542
100,199
Verisk
Analytics,
Inc.
.......................
6,390
1,168,284
7,953,116
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
13,017
923,426
Howard
Hughes
Corp.
(The)
(a)
................
1,463
89,755
Jones
Lang
LaSalle,
Inc.
(a)
...................
1,949
310,066
Opendoor
Technologies,
Inc.
(a)
................
20,472
53,023
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
................
2,401
74,263
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
............
6,820
210,465
1,660,998
a
Road
&
Rail
 — 
1
.0
%
AMERCO
..............................
406
233,527
Avis
Budget
Group,
Inc.
(a)
...................
1,174
277,604
CSX
Corp.
.............................
87,132
2,532,056
Hertz
Global
Holdings,
Inc.
(a)
(b)
................
7,330
134,872
JB
Hunt
Transport
Services,
Inc.
..............
3,378
577,874
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
6,685
321,080
Landstar
System,
Inc.
(b)
.....................
1,446
225,894
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
12,154
177,935
Norfolk
Southern
Corp.
.....................
9,556
2,179,437
Old
Dominion
Freight
Line,
Inc.
...............
3,718
1,020,963
Saia,
Inc.
(a)
(b)
............................
1,059
210,593
Uber
Technologies,
Inc.
(a)
...................
80,564
2,140,585
Union
Pacific
Corp.
.......................
25,386
5,004,596
XPO
Logistics,
Inc.
(a)
......................
4,682
242,247
15,279,263
a
Semiconductors
&
Semiconductor
Equipment
 — 
4
.5
%
Advanced
Micro
Devices,
Inc.
(a)
...............
65,683
3,944,921
Allegro
MicroSystems,
Inc.
(a)
.................
2,886
73,333
Amkor
Technology,
Inc.
.....................
4,037
83,929
Analog
Devices,
Inc.
.......................
21,149
3,016,270
Applied
Materials,
Inc.
.....................
35,401
3,125,554
Broadcom,
Inc.
..........................
16,435
7,726,422
Cirrus
Logic,
Inc.
(a)
........................
2,335
156,725
Enphase
Energy,
Inc.
(a)
.....................
5,506
1,690,342
Entegris,
Inc.
............................
6,034
478,738
First
Solar,
Inc.
(a)
.........................
3,985
580,096
GlobalFoundries,
Inc.
(a)
(b)
....................
2,855
161,879
Intel
Corp.
.............................
166,990
4,747,526
KLA
Corp.
..............................
5,769
1,825,600
Lam
Research
Corp.
......................
5,575
2,256,649
Lattice
Semiconductor
Corp.
(a)
................
5,489
266,271
Marvell
Technology,
Inc.
....................
34,440
1,366,579
Microchip
Technology,
Inc.
...................
22,564
1,393,101
Micron
Technology,
Inc.
.....................
44,865
2,427,197
MKS
Instruments,
Inc.
.....................
2,274
186,809
Monolithic
Power
Systems,
Inc.
...............
1,817
616,781
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
...........................
101,909
$
13,754,658
NXP
Semiconductors
NV
...................
10,731
1,567,584
ON
Semiconductor
Corp.
(a)
..................
17,717
1,088,355
Power
Integrations,
Inc.
....................
2,463
164,307
Qorvo,
Inc.
(a)
............................
4,168
358,781
QUALCOMM,
Inc.
........................
45,775
5,385,887
Semtech
Corp.
(a)
.........................
2,621
72,576
Silicon
Laboratories,
Inc.
(a)
...................
1,391
159,854
Skyworks
Solutions,
Inc.
....................
6,503
559,323
SolarEdge
Technologies,
Inc.
(a)
................
2,241
515,497
Teradyne,
Inc.
...........................
6,379
518,932
Texas
Instruments,
Inc.
.....................
37,218
5,978,327
Universal
Display
Corp.
....................
1,761
167,682
Wolfspeed,
Inc.
(a)
.........................
4,990
392,963
66,809,448
a
Software
 — 
8
.5
%
ACI
Worldwide,
Inc.
(a)
......................
4,748
115,519
Adobe,
Inc.
(a)
............................
19,066
6,072,521
Alteryx,
Inc.
,
Class
A
(a)
.....................
2,414
117,634
ANSYS,
Inc.
(a)
...........................
3,514
777,156
Appian
Corp.
,
Class
A
(a)
(b)
...................
1,594
77,819
AppLovin
Corp.
,
Class
A
(a)
...................
4,990
84,630
Asana,
Inc.
,
Class
A
(a)
......................
3,145
64,787
Aspen
Technology,
Inc.
(a)
....................
1,179
284,669
Autodesk,
Inc.
(a)
..........................
8,853
1,897,198
Bentley
Systems,
Inc.
,
Class
B
(b)
...............
7,806
275,396
Bill.com
Holdings,
Inc.
(a)
(b)
...................
3,848
513,169
Black
Knight,
Inc.
(a)
........................
6,234
376,970
Blackbaud,
Inc.
(a)
.........................
1,891
103,438
Blackline,
Inc.
(a)
..........................
2,142
119,952
Cadence
Design
Systems,
Inc.
(a)
..............
11,143
1,686,939
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
........
4,266
39,802
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
6,229
412,297
Clear
Secure,
Inc.
,
Class
A
(a)
(b)
................
2,909
78,601
Confluent,
Inc.
,
Class
A
(a)
...................
5,744
154,399
Coupa
Software,
Inc.
(a)
.....................
2,947
156,869
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
..........
8,642
1,393,090
Datadog,
Inc.
,
Class
A
(a)
....................
10,059
809,850
DocuSign,
Inc.
(a)
.........................
8,150
393,645
Dolby
Laboratories,
Inc.
,
Class
A
..............
2,625
175,455
Dropbox,
Inc.
,
Class
A
(a)
....................
11,513
250,408
Dynatrace,
Inc.
(a)
.........................
8,311
292,880
Elastic
NV
(a)
............................
3,127
199,972
Fair
Isaac
Corp.
(a)
.........................
1,023
489,853
Five9,
Inc.
(a)
............................
2,847
171,560
Fortinet,
Inc.
(a)
...........................
26,633
1,522,342
Gitlab,
Inc.
,
Class
A
(a)
(b)
.....................
2,182
105,740
Guidewire
Software,
Inc.
(a)
...................
3,308
196,528
HashiCorp,
Inc.
,
Class
A
(a)
...................
1,719
52,825
HubSpot,
Inc.
(a)
(b)
.........................
1,953
579,182
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
1,230
23,813
Intuit,
Inc.
..............................
11,469
4,902,997
Manhattan
Associates,
Inc.
(a)
.................
2,588
314,882
Microsoft
Corp.
..........................
303,524
70,457,026
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
384
102,724
nCino,
Inc.
(a)
............................
3,095
97,431
NCR
Corp.
(a)
............................
5,790
123,095
New
Relic,
Inc.
(a)
.........................
2,345
138,918
NortonLifeLock,
Inc.
.......................
24,403
549,800
Nutanix,
Inc.
,
Class
A
(a)
.....................
9,379
256,985
Oracle
Corp.
............................
61,786
4,823,633
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
71,124
625,180
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
12,164
2,087,221
Paycom
Software,
Inc.
(a)
(b)
...................
1,977
684,042
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Software
(continued)
Paylocity
Holding
Corp.
(a)
...................
1,673
$
387,785
Pegasystems,
Inc.
........................
1,621
60,317
Procore
Technologies,
Inc.
(a)
.................
2,784
152,173
PTC,
Inc.
(a)
.............................
4,322
509,261
Qualtrics
International,
Inc.
,
Class
A
(a)
...........
4,976
59,563
Rapid7,
Inc.
(a)
...........................
2,247
101,722
RingCentral,
Inc.
,
Class
A
(a)
..................
3,303
117,322
Roper
Technologies,
Inc.
....................
4,328
1,794,129
Salesforce,
Inc.
(a)
.........................
40,518
6,587,822
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
2,768
34,074
SentinelOne,
Inc.
,
Class
A
(a)
..................
8,127
185,621
ServiceNow,
Inc.
(a)
........................
8,217
3,457,221
Smartsheet,
Inc.
,
Class
A
(a)
..................
5,103
178,197
Splunk,
Inc.
(a)
(b)
..........................
6,023
500,571
Synopsys,
Inc.
(a)
.........................
6,213
1,817,613
Tyler
Technologies,
Inc.
(a)
...................
1,687
545,458
UiPath,
Inc.
,
Class
A
(a)
.....................
14,109
178,479
Unity
Software,
Inc.
(a)
(b)
.....................
7,279
214,730
Varonis
Systems,
Inc.
(a)
.....................
4,309
115,352
Verint
Systems,
Inc.
(a)
......................
2,569
91,020
VMware,
Inc.
,
Class
A
......................
8,404
945,702
Workday,
Inc.
,
Class
A
(a)
....................
8,140
1,268,375
Workiva,
Inc.
,
Class
A
(a)
(b)
...................
1,892
147,216
Zendesk,
Inc.
(a)
..........................
5,102
391,272
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
8,980
749,291
Zscaler,
Inc.
(a)
...........................
3,406
524,865
126,345,993
a
Specialty
Retail
 — 
2
.2
%
Advance
Auto
Parts,
Inc.
....................
2,430
461,506
AutoNation,
Inc.
(a)
.........................
1,582
168,182
AutoZone,
Inc.
(a)
.........................
794
2,011,107
Bath
&
Body
Works,
Inc.
....................
9,258
309,032
Best
Buy
Co.,
Inc.
........................
8,196
560,688
Burlington
Stores,
Inc.
(a)
(b)
...................
2,681
383,276
CarMax,
Inc.
(a)
(b)
..........................
6,523
411,014
Carvana
Co.
,
Class
A
(a)
(b)
....................
4,007
54,215
Dick's
Sporting
Goods,
Inc.
..................
2,346
266,881
Five
Below,
Inc.
(a)
(b)
........................
2,291
335,288
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
4,277
313,803
Foot
Locker,
Inc.
.........................
3,224
102,201
GameStop
Corp.
,
Class
A
(a)
(b)
.................
10,024
283,779
Gap,
Inc.
(The)
..........................
8,697
98,015
Home
Depot,
Inc.
(The)
....................
41,828
12,386,526
Lithia
Motors,
Inc.
........................
1,121
222,126
Lowe's
Companies,
Inc.
....................
25,983
5,065,386
Murphy
USA,
Inc.
........................
859
270,164
O'Reilly
Automotive,
Inc.
(a)
...................
2,593
2,170,782
Penske
Automotive
Group,
Inc.
(b)
..............
1,056
117,871
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
.....
2,961
31,179
RH
(a)
.................................
815
206,953
Ross
Stores,
Inc.
.........................
14,195
1,358,320
TJX
Companies,
Inc.
(The)
..................
47,698
3,439,026
Tractor
Supply
Co.
........................
4,526
994,679
Ulta
Beauty,
Inc.
(a)
........................
2,117
887,806
Victoria's
Secret
&
Co.
(a)
(b)
...................
3,438
129,269
Williams-Sonoma,
Inc.
.....................
2,798
346,476
33,385,550
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.6
%
Apple,
Inc.
.............................
614,810
94,274,965
Dell
Technologies,
Inc.
,
Class
C
...............
10,707
411,149
Hewlett
Packard
Enterprise
Co.
...............
53,022
756,624
HP,
Inc.
...............................
37,032
1,022,824
NetApp,
Inc.
............................
8,892
615,949
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
Pure
Storage,
Inc.
,
Class
A
(a)
.................
11,411
$
352,143
Seagate
Technology
Holdings
PLC
.............
7,807
387,696
Western
Digital
Corp.
(a)
.....................
12,838
441,242
98,262,592
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.6
%
Capri
Holdings
Ltd.
(a)
......................
5,617
256,585
Carter's,
Inc.
............................
1,586
107,642
Columbia
Sportswear
Co.
...................
1,406
104,747
Crocs,
Inc.
(a)
............................
2,580
182,535
Deckers
Outdoor
Corp.
(a)
....................
1,101
385,273
Hanesbrands,
Inc.
........................
13,709
93,495
Levi
Strauss
&
Co.
,
Class
A
..................
3,981
59,556
Lululemon
Athletica,
Inc.
(a)
...................
4,717
1,552,082
Nike,
Inc.
,
Class
B
........................
51,382
4,762,084
PVH
Corp.
.............................
2,849
146,211
Ralph
Lauren
Corp.
,
Class
A
.................
1,681
155,812
Skechers
USA,
Inc.
,
Class
A
(a)
................
5,545
190,914
Tapestry,
Inc.
............................
10,190
322,819
Under
Armour,
Inc.
,
Class
A
(a)
.................
7,737
57,641
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
9,090
59,630
VF
Corp.
..............................
13,438
379,623
8,816,649
a
Thrifts
&
Mortgage
Finance
 — 
0
.0
%
Essent
Group
Ltd.
........................
4,577
181,158
MGIC
Investment
Corp.
....................
12,347
168,536
New
York
Community
Bancorp,
Inc.
............
18,973
176,639
Radian
Group,
Inc.
........................
6,577
137,262
Rocket
Companies,
Inc.
,
Class
A
(b)
.............
5,580
38,502
TFS
Financial
Corp.
.......................
2,147
30,165
UWM
Holdings
Corp.
,
Class
A
(b)
...............
2,192
7,190
739,452
a
Tobacco
 — 
0
.6
%
Altria
Group,
Inc.
.........................
73,318
3,392,424
Philip
Morris
International,
Inc.
................
63,002
5,786,734
9,179,158
a
Trading
Companies
&
Distributors
 — 
0
.3
%
Air
Lease
Corp.
,
Class
A
....................
4,276
150,900
Applied
Industrial
Technologies,
Inc.
............
1,618
201,247
Core
&
Main,
Inc.
,
Class
A
(a)
..................
2,930
69,089
Fastenal
Co.
............................
23,402
1,131,019
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
1,873
155,422
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
1,891
219,110
United
Rentals,
Inc.
(a)
......................
2,848
899,142
Univar
Solutions,
Inc.
(a)
.....................
6,962
177,392
Watsco,
Inc.
............................
1,357
367,693
WESCO
International,
Inc.
(a)
.................
1,820
250,741
WW
Grainger,
Inc.
........................
1,843
1,076,957
4,698,712
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
...............
7,425
1,079,150
Essential
Utilities,
Inc.
......................
9,705
429,155
1,508,305
a
Wireless
Telecommunication
Services
 — 
0
.3
%
T-Mobile
U.S.,
Inc.
(a)
.......................
24,490
3,711,704
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
860,721,277
)
................................
1,482,679,971
iShares
®
Dow
Jones
U.S.
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
24,905,372
$
24,900,391
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
3,452,625
3,452,625
a
Total
Short-Term
Securities — 1.9%
(Cost:
$
28,355,259
)
.................................
28,353,016
Total
Investments
—
101.8%
(Cost:
$
889,076,536
)
................................
1,511,032,987
Liabilities
in
Excess
of
Other
Assets
—
(
1
.8
)
%
...............
(
26,002,517
)
Net
Assets
—
100.0%
.................................
$
1,485,030,470
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
21,439,436
$
3,468,720
(a)
$
—
$
(
5,522
)
$
(
2,243
)
$
24,900,391
24,905,372
$
94,209
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,896,000
1,556,625
(a)
—
—
—
3,452,625
3,452,625
20,856
—
BlackRock,
Inc.
...
3,519,447
430,546
(
106,531
)
55,326
64,516
3,963,304
6,136
55,197
—
$
49,804
$
62,273
$
32,316,320
$
170,262
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
11
12/16/22
$
2,136
$
85,744
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
85,744
$
—
$
—
$
—
$
85,744
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Dow
Jones
U.S.
ETF
30
2022
iShares
Semi-Annual
Report
to
Shareholders
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
514,913
)
$
—
$
—
$
—
$
(
514,913
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
247,747
$
—
$
—
$
—
$
247,747
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,204,538
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,482,679,971
‌
$
—
‌
$
—
‌
$
1,482,679,971
‌
Short-Term
Securities
Money
Market
Funds
......................................
28,353,016
‌
—
‌
—
‌
28,353,016
‌
$
1,511,032,987
‌
$
—
‌
$
—
‌
$
1,511,032,987
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
85,744
‌
$
—
‌
$
—
‌
$
85,744
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
31
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
 — 0.9%
CH
Robinson
Worldwide,
Inc.
................
25,492
$
2,491,078
Expeditors
International
of
Washington,
Inc.
.......
33,603
3,288,054
United
Parcel
Service,
Inc.,
Class
B
............
146,920
24,648,768
30,427,900
a
Airlines
 — 0.1%
Delta
Air
Lines,
Inc.
(a)
......................
31,597
1,072,086
Southwest
Airlines
Co.
(a)
....................
29,292
1,064,764
2,136,850
a
Auto
Components
 — 0.2%
Aptiv
PLC
(a)
.............................
54,191
4,935,174
Autoliv,
Inc.
.............................
16,728
1,344,095
BorgWarner,
Inc.
.........................
48,265
1,811,386
8,090,655
a
Automobiles
 — 3.5%
Harley-Davidson,
Inc.
......................
28,048
1,206,064
Lucid
Group,
Inc.
(a)(b)
.......................
83,077
1,187,170
Rivian
Automotive,
Inc.,
Class
A
(a)
..............
62,540
2,187,024
Tesla,
Inc.
(a)
.............................
528,482
120,250,794
124,831,052
a
Banks
 — 1.7%
Bank
of
Hawaii
Corp.
......................
8,217
624,081
Cathay
General
Bancorp
....................
14,057
640,999
Citizens
Financial
Group,
Inc.
................
99,310
4,061,779
Comerica,
Inc.
...........................
25,906
1,826,373
First
Republic
Bank
.......................
35,981
4,321,318
Heartland
Financial
USA,
Inc.
................
8,234
406,101
Huntington
Bancshares,
Inc.
.................
287,647
4,366,482
International
Bancshares
Corp.
...............
11,428
566,829
KeyCorp
...............................
186,951
3,340,814
M&T
Bank
Corp.
.........................
35,847
6,035,560
Old
National
Bancorp
......................
59,327
1,160,436
PNC
Financial
Services
Group,
Inc.
(The)
........
82,798
13,399,200
Regions
Financial
Corp.
....................
186,134
4,085,641
SVB
Financial
Group
(a)
.....................
11,769
2,718,168
Truist
Financial
Corp.
......................
266,664
11,943,881
Umpqua
Holdings
Corp.
....................
43,594
866,649
Zions
Bancorp
NA
........................
30,367
1,577,262
61,941,573
a
Beverages
 — 3.0%
Coca-Cola
Co.
(The)
......................
823,840
49,306,824
Keurig
Dr
Pepper,
Inc.
.....................
156,225
6,067,779
PepsiCo,
Inc.
...........................
276,599
50,224,846
105,599,449
a
Biotechnology
 — 3.6%
AbbVie,
Inc.
............................
353,501
51,752,546
Amgen,
Inc.
............................
106,865
28,890,953
Biogen,
Inc.
(a)
...........................
29,312
8,308,193
BioMarin
Pharmaceutical,
Inc.
(a)(b)
..............
36,790
3,187,118
Gilead
Sciences,
Inc.
......................
250,951
19,689,616
Vertex
Pharmaceuticals,
Inc.
(a)
................
51,181
15,968,472
127,796,898
a
Building
Products
 — 1.0%
A
O
Smith
Corp.
.........................
26,048
1,426,909
Allegion
PLC
............................
17,676
1,851,915
Builders
FirstSource,
Inc.
(a)
..................
34,613
2,134,238
Carrier
Global
Corp.
.......................
169,930
6,756,417
Fortune
Brands
Home
&
Security,
Inc.
...........
26,137
1,576,584
Security
Shares
Value
a
Building
Products
(continued)
Johnson
Controls
International
PLC
............
139,317
$
8,058,095
Lennox
International,
Inc.
...................
6,452
1,506,994
Masco
Corp.
............................
47,261
2,186,766
Owens
Corning
..........................
19,445
1,664,686
Trane
Technologies
PLC
....................
46,795
7,469,886
34,632,490
a
Capital
Markets
 — 4.4%
Ameriprise
Financial,
Inc.
...................
22,014
6,804,968
Bank
of
New
York
Mellon
Corp.
(The)
...........
153,108
6,447,378
BlackRock,
Inc.
(c)
.........................
30,251
19,539,423
Charles
Schwab
Corp.
(The)
.................
290,794
23,167,558
CME
Group,
Inc.,
Class
A
...................
71,966
12,471,708
FactSet
Research
Systems,
Inc.
...............
7,537
3,206,918
Franklin
Resources,
Inc.
....................
60,232
1,412,440
Intercontinental
Exchange,
Inc.
...............
111,458
10,652,041
Invesco
Ltd.
............................
67,146
1,028,677
MarketAxess
Holdings,
Inc.
..................
7,574
1,848,359
Moody's
Corp.
...........................
33,266
8,811,165
Morgan
Stanley
..........................
262,452
21,565,681
Nasdaq,
Inc.
............................
69,129
4,302,589
Northern
Trust
Corp.
.......................
39,467
3,329,042
S&P
Global,
Inc.
.........................
69,437
22,306,636
State
Street
Corp.
........................
73,645
5,449,730
T
Rowe
Price
Group,
Inc.
...................
45,373
4,816,798
157,161,111
a
Chemicals
 — 2.4%
Air
Products
and
Chemicals,
Inc.
..............
44,365
11,108,996
Albemarle
Corp.
.........................
23,423
6,555,395
Axalta
Coating
Systems
Ltd.
(a)(b)
...............
44,910
1,047,301
Ecolab,
Inc.
............................
51,470
8,084,393
HB
Fuller
Co.
...........................
10,420
726,378
International
Flavors
&
Fragrances,
Inc.
..........
50,777
4,956,343
Linde
PLC
.............................
100,567
29,903,597
Minerals
Technologies,
Inc.
..................
6,541
359,820
Mosaic
Co.
(The)
.........................
72,510
3,897,413
PPG
Industries,
Inc.
.......................
47,182
5,387,241
Sherwin-Williams
Co.
(The)
..................
49,498
11,138,535
83,165,412
a
Commercial
Services
&
Supplies
 — 0.2%
ACCO
Brands
Corp.
.......................
17,524
80,610
Copart,
Inc.
(a)
...........................
42,897
4,934,013
Deluxe
Corp.
............................
8,442
155,164
HNI
Corp.
..............................
8,197
237,631
Interface,
Inc.
...........................
11,823
133,718
Steelcase,
Inc.,
Class
A
....................
16,465
127,933
Tetra
Tech,
Inc.
..........................
10,832
1,530,345
7,199,414
a
Communications
Equipment
 — 1.4%
Cisco
Systems,
Inc.
.......................
828,379
37,633,258
CommScope
Holding
Co.,
Inc.
(a)
...............
41,969
555,670
F5,
Inc.
(a)
..............................
12,023
1,718,207
Motorola
Solutions,
Inc.
....................
33,513
8,368,531
48,275,666
a
Construction
&
Engineering
 — 0.2%
EMCOR
Group,
Inc.
.......................
10,246
1,445,711
Granite
Construction,
Inc.
...................
9,098
306,875
MDU
Resources
Group,
Inc.
.................
40,160
1,143,757
Quanta
Services,
Inc.
......................
28,638
4,067,741
6,964,084
a
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
MSCI
KLD
400
Social
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Consumer
Finance
 — 0.9%
Ally
Financial,
Inc.
........................
64,710
$
1,783,408
American
Express
Co.
.....................
128,053
19,009,468
Discover
Financial
Services
..................
56,279
5,878,904
Synchrony
Financial
.......................
100,457
3,572,251
30,244,031
a
Containers
&
Packaging
 — 0.2%
Avery
Dennison
Corp.
......................
16,265
2,757,731
Ball
Corp.
..............................
63,707
3,146,489
Sealed
Air
Corp.
.........................
28,998
1,380,885
Sonoco
Products
Co.
......................
19,682
1,221,858
8,506,963
a
Distributors
 — 0.1%
LKQ
Corp.
.............................
53,554
2,979,745
Pool
Corp.
.............................
7,940
2,415,586
5,395,331
a
Diversified
Financial
Services
 — 0.1%
Equitable
Holdings,
Inc.
....................
76,320
2,336,919
Voya
Financial,
Inc.
.......................
20,212
1,381,692
3,718,611
a
Diversified
Telecommunication
Services
 — 1.0%
Liberty
Global
PLC,
Class
A
(a)
................
31,119
524,666
Liberty
Global
PLC,
Class
C,
NVS
(a)(b)
...........
60,268
1,064,333
Lumen
Technologies,
Inc.
...................
184,498
1,357,905
Verizon
Communications,
Inc.
................
840,117
31,395,173
34,342,077
a
Electric
Utilities
 — 0.1%
Eversource
Energy
.......................
69,221
5,280,178
a
Electrical
Equipment
 — 0.6%
Acuity
Brands,
Inc.
........................
6,943
1,274,526
Eaton
Corp.
PLC
.........................
79,665
11,955,327
Rockwell
Automation,
Inc.
...................
23,239
5,932,917
Sensata
Technologies
Holding
PLC
............
31,632
1,271,923
20,434,693
a
Electronic
Equipment,
Instruments
&
Components
 — 0.8%
Cognex
Corp.
...........................
34,770
1,607,417
Corning,
Inc.
............................
160,917
5,176,700
Flex
Ltd.
(a)(b)
............................
91,672
1,794,938
Itron,
Inc.
(a)
.............................
9,224
450,961
Keysight
Technologies,
Inc.
(a)
.................
36,388
6,336,970
TE
Connectivity
Ltd.
.......................
64,532
7,887,746
Trimble,
Inc.
(a)(b)
..........................
50,023
3,009,384
Zebra
Technologies
Corp.,
Class
A
(a)
............
10,514
2,977,775
29,241,891
a
Energy
Equipment
&
Services
 — 0.4%
Baker
Hughes
Co.,
Class
A
..................
197,200
5,454,552
Core
Laboratories
NV
(b)
.....................
9,712
188,995
Halliburton
Co.
..........................
180,835
6,586,011
NOV,
Inc.
..............................
79,002
1,769,645
TechnipFMC
PLC
(a)
.......................
87,004
921,372
14,920,575
a
Entertainment
 — 1.5%
Electronic
Arts,
Inc.
.......................
56,030
7,057,539
Walt
Disney
Co.
(The)
(a)
....................
364,379
38,820,938
Warner
Bros
Discovery,
Inc.,
Series
A
(a)
..........
461,434
5,998,642
51,877,119
a
Security
Shares
Value
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 3.4%
American
Tower
Corp.
.....................
91,287
$
18,913,754
AvalonBay
Communities,
Inc.
................
27,946
4,893,904
Boston
Properties,
Inc.
.....................
29,825
2,168,277
Corporate
Office
Properties
Trust
..............
23,020
613,483
Crown
Castle,
Inc.
........................
86,561
11,535,119
Digital
Realty
Trust,
Inc.
....................
56,841
5,698,310
Equinix,
Inc.
............................
18,171
10,292,781
Equity
Residential
........................
71,665
4,516,328
Federal
Realty
Investment
Trust
...............
14,303
1,415,711
Healthpeak
Properties,
Inc.
..................
107,072
2,540,819
Host
Hotels
&
Resorts,
Inc.
..................
143,396
2,707,316
Iron
Mountain,
Inc.
........................
58,245
2,916,327
Macerich
Co.
(The)
.......................
42,369
471,567
PotlatchDeltic
Corp.
.......................
16,249
722,918
Prologis,
Inc.
............................
184,619
20,446,554
SBA
Communications
Corp.,
Class
A
............
21,620
5,835,238
Simon
Property
Group,
Inc.
..................
65,786
7,169,358
UDR,
Inc.
..............................
63,758
2,535,018
Ventas,
Inc.
............................
80,129
3,135,448
Welltower,
Inc.
...........................
91,015
5,555,556
Weyerhaeuser
Co.
........................
148,727
4,600,126
118,683,912
a
Food
&
Staples
Retailing
 — 0.4%
Kroger
Co.
(The)
.........................
138,509
6,550,090
Sysco
Corp.
............................
101,657
8,799,430
United
Natural
Foods,
Inc.
(a)
..................
11,843
502,262
15,851,782
a
Food
Products
 — 2.1%
Archer-Daniels-Midland
Co.
..................
112,598
10,919,754
Bunge
Ltd.
.............................
30,388
2,999,296
Campbell
Soup
Co.
.......................
42,310
2,238,622
Conagra
Brands,
Inc.
......................
95,678
3,511,383
Darling
Ingredients,
Inc.
(a)
...................
32,130
2,521,562
General
Mills,
Inc.
........................
120,244
9,809,505
Hain
Celestial
Group,
Inc.
(The)
(a)
..............
18,773
351,243
Hormel
Foods
Corp.
.......................
59,979
2,786,024
Ingredion,
Inc.
...........................
13,405
1,194,654
JM
Smucker
Co.
(The)
.....................
21,792
3,283,183
Kellogg
Co.
.............................
50,757
3,899,153
Kraft
Heinz
Co.
(The)
......................
147,076
5,658,014
Lamb
Weston
Holdings,
Inc.
.................
28,927
2,494,086
McCormick
&
Co.,
Inc.,
NVS
.................
50,167
3,945,133
Mondelez
International,
Inc.,
Class
A
............
276,924
17,025,287
72,636,899
a
Gas
Utilities
 — 0.1%
Atmos
Energy
Corp.
.......................
27,845
2,966,885
New
Jersey
Resources
Corp.
.................
18,937
845,347
UGI
Corp.
..............................
41,927
1,481,281
5,293,513
a
Health
Care
Equipment
&
Supplies
 — 1.8%
ABIOMED,
Inc.
(a)
.........................
9,102
2,294,432
Align
Technology,
Inc.
(a)
.....................
14,991
2,912,751
Becton
Dickinson
and
Co.
...................
57,072
13,467,280
Cooper
Companies,
Inc.
(The)
................
9,912
2,709,842
Dentsply
Sirona,
Inc.
......................
42,908
1,322,425
Dexcom,
Inc.
(a)
..........................
78,549
9,487,148
Edwards
Lifesciences
Corp.
(a)
................
124,133
8,990,953
Hologic,
Inc.
(a)
...........................
49,883
3,382,067
IDEXX
Laboratories,
Inc.
(a)
...................
16,772
6,032,553
Insulet
Corp.
(a)(b)
..........................
13,854
3,585,554
ResMed,
Inc.
...........................
29,198
6,531,301
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
33
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
STERIS
PLC
............................
20,035
$
3,457,640
64,173,946
a
Health
Care
Providers
&
Services
 — 2.9%
AmerisourceBergen
Corp.
...................
31,385
4,934,350
Cardinal
Health,
Inc.
.......................
54,569
4,141,787
Centene
Corp.
(a)
.........................
116,879
9,949,909
Cigna
Corp.
............................
63,470
20,504,618
DaVita,
Inc.
(a)(b)
..........................
11,186
816,690
Elevance
Health,
Inc.
......................
48,227
26,369,077
HCA
Healthcare,
Inc.
......................
47,348
10,296,770
Henry
Schein,
Inc.
(a)
.......................
27,668
1,894,151
Humana,
Inc.
...........................
25,324
14,132,818
Laboratory
Corp.
of
America
Holdings
...........
18,550
4,115,503
Patterson
Companies,
Inc.
..................
17,420
452,397
Pediatrix
Medical
Group,
Inc.
(a)
................
15,996
310,322
Quest
Diagnostics,
Inc.
.....................
23,508
3,376,924
Select
Medical
Holdings
Corp.
................
22,792
585,299
101,880,615
a
Health
Care
Technology
 — 0.0%
Teladoc
Health,
Inc.
(a)
......................
32,117
951,948
a
Hotels,
Restaurants
&
Leisure
 — 3.0%
Aramark
...............................
46,244
1,687,906
Booking
Holdings,
Inc.
(a)
....................
8,130
15,198,873
Choice
Hotels
International,
Inc.
...............
7,292
946,793
Darden
Restaurants,
Inc.
...................
24,986
3,576,496
Domino's
Pizza,
Inc.
.......................
7,159
2,378,506
Hilton
Worldwide
Holdings,
Inc.
...............
55,721
7,536,823
Jack
in
the
Box,
Inc.
.......................
4,107
362,361
Marriott
International,
Inc.,
Class
A
.............
55,701
8,918,287
McDonald's
Corp.
........................
147,943
40,338,138
Royal
Caribbean
Cruises
Ltd.
(a)
...............
46,119
2,461,832
Starbucks
Corp.
..........................
229,432
19,866,517
Vail
Resorts,
Inc.
.........................
8,079
1,770,351
105,042,883
a
Household
Durables
 — 0.2%
Ethan
Allen
Interiors,
Inc.
...................
4,560
116,690
Garmin
Ltd.
.............................
30,917
2,721,933
La-Z-Boy,
Inc.
...........................
9,220
228,379
Meritage
Homes
Corp.
(a)
....................
7,513
572,190
Mohawk
Industries,
Inc.
(a)
...................
10,095
956,501
Newell
Brands,
Inc.
.......................
78,687
1,086,668
Whirlpool
Corp.
..........................
11,259
1,556,444
7,238,805
a
Household
Products
 — 2.6%
Church
&
Dwight
Co.,
Inc.
...................
48,581
3,601,309
Clorox
Co.
(The)
.........................
24,717
3,609,671
Colgate-Palmolive
Co.
.....................
158,946
11,736,573
Kimberly-Clark
Corp.
......................
67,435
8,392,960
Procter
&
Gamble
Co.
(The)
.................
479,968
64,637,291
91,977,804
a
Independent
Power
and
Renewable
Electricity
Producers
 — 0.0%
Ormat
Technologies,
Inc.
....................
9,128
825,628
a
Industrial
Conglomerates
 — 0.4%
3M
Co.
................................
110,723
13,927,846
a
Insurance
 — 2.8%
Allstate
Corp.
(The)
.......................
55,097
6,955,996
Arthur
J
Gallagher
&
Co.
....................
42,071
7,870,643
Chubb
Ltd.
.............................
85,277
18,325,175
Security
Shares
Value
a
Insurance
(continued)
Hartford
Financial
Services
Group,
Inc.
(The)
......
65,871
$
4,769,719
Lincoln
National
Corp.
.....................
32,820
1,768,014
Loews
Corp.
............................
41,610
2,372,602
Marsh
&
McLennan
Companies,
Inc.
............
100,437
16,219,571
Principal
Financial
Group,
Inc.
................
50,617
4,460,876
Progressive
Corp.
(The)
....................
117,062
15,030,761
Prudential
Financial,
Inc.
....................
74,877
7,876,312
Travelers
Companies,
Inc.
(The)
...............
48,040
8,861,458
Willis
Towers
Watson
PLC
...................
22,334
4,873,502
99,384,629
a
Interactive
Media
&
Services
 — 6.3%
Alphabet,
Inc.,
Class
A
(a)
....................
1,203,324
113,726,151
Alphabet,
Inc.,
Class
C,
NVS
(a)(b)
...............
1,128,408
106,815,101
ZoomInfo
Technologies,
Inc.
(a)
................
52,460
2,336,044
222,877,296
a
IT
Services
 — 7.0%
Accenture
PLC,
Class
A
....................
126,709
35,972,685
Akamai
Technologies,
Inc.
(a)
..................
31,875
2,815,519
Automatic
Data
Processing,
Inc.
...............
84,028
20,309,568
Cognizant
Technology
Solutions
Corp.,
Class
A
.....
104,385
6,497,966
Fidelity
National
Information
Services,
Inc.
........
122,195
10,140,963
International
Business
Machines
Corp.
..........
179,928
24,882,243
Mastercard,
Inc.,
Class
A
....................
173,725
57,013,070
Okta,
Inc.,
Class
A
(a)
.......................
30,193
1,694,431
PayPal
Holdings,
Inc.
(a)
.....................
220,077
18,394,036
Visa,
Inc.,
Class
A
........................
329,217
68,200,594
Western
Union
Co.
(The)
...................
76,314
1,031,002
246,952,077
a
Leisure
Products
 — 0.1%
Hasbro,
Inc.
............................
26,359
1,719,925
Mattel,
Inc.
(a)
............................
70,168
1,330,385
Topgolf
Callaway
Brands
Corp.
(a)
..............
27,942
523,074
3,573,384
a
Life
Sciences
Tools
&
Services
 — 1.1%
Agilent
Technologies,
Inc.
...................
59,870
8,283,015
Bio-Techne
Corp.
.........................
7,868
2,330,974
Illumina,
Inc.
(a)
...........................
31,450
7,196,389
IQVIA
Holdings,
Inc.
(a)
......................
37,926
7,951,944
Mettler-Toledo
International,
Inc.
(a)
.............
4,541
5,744,047
Waters
Corp.
(a)
..........................
12,065
3,609,486
West
Pharmaceutical
Services,
Inc.
............
14,741
3,391,904
38,507,759
a
Machinery
 — 3.3%
AGCO
Corp.
............................
12,770
1,585,651
Caterpillar,
Inc.
..........................
106,699
23,096,066
Cummins,
Inc.
...........................
28,243
6,905,696
Deere
&
Co.
............................
58,083
22,990,413
Dover
Corp.
............................
28,916
3,779,032
Flowserve
Corp.
.........................
26,711
766,071
Fortive
Corp.
............................
68,001
4,345,264
Graco,
Inc.
.............................
33,633
2,340,184
IDEX
Corp.
.............................
15,171
3,372,665
Illinois
Tool
Works,
Inc.
.....................
62,361
13,315,944
Ingersoll
Rand,
Inc.
(b)
......................
81,144
4,097,772
Lincoln
Electric
Holdings,
Inc.
................
10,911
1,549,362
Middleby
Corp.
(The)
(a)
.....................
10,340
1,446,152
PACCAR,
Inc.
...........................
69,408
6,720,777
Parker-Hannifin
Corp.
......................
25,653
7,455,275
Pentair
PLC
............................
33,397
1,434,401
Snap-on,
Inc.
...........................
10,706
2,377,267
Stanley
Black
&
Decker,
Inc.
.................
30,242
2,373,695
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
MSCI
KLD
400
Social
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Machinery
(continued)
Tennant
Co.
............................
3,220
$
187,565
Timken
Co.
(The)
.........................
13,114
934,897
Westinghouse
Air
Brake
Technologies
Corp.
.......
34,757
3,242,133
Xylem,
Inc.
.............................
35,841
3,671,194
117,987,476
a
Media
 — 0.2%
Cable
One,
Inc.
..........................
1,081
929,044
John
Wiley
&
Sons,
Inc.,
Class
A
..............
8,877
374,521
New
York
Times
Co.
(The),
Class
A
.............
33,615
973,490
Omnicom
Group,
Inc.
......................
41,210
2,998,027
Scholastic
Corp.
.........................
6,126
233,646
5,508,728
a
Metals
&
Mining
 — 0.2%
Compass
Minerals
International,
Inc.
............
6,693
264,641
Newmont
Corp.
..........................
158,973
6,727,737
Schnitzer
Steel
Industries,
Inc.,
Class
A
..........
5,250
141,698
7,134,076
a
Multiline
Retail
 — 0.5%
Kohl's
Corp.
............................
25,761
771,542
Nordstrom,
Inc.
..........................
22,466
456,959
Target
Corp.
............................
92,801
15,242,564
16,471,065
a
Multi-Utilities
 — 0.5%
Avista
Corp.
............................
12,983
532,693
Consolidated
Edison,
Inc.
...................
70,742
6,222,466
Sempra
Energy
..........................
62,987
9,507,258
16,262,417
a
Oil,
Gas
&
Consumable
Fuels
 — 1.5%
Cheniere
Energy,
Inc.
......................
45,665
8,055,763
Marathon
Petroleum
Corp.
..................
108,321
12,307,432
ONEOK,
Inc.
............................
89,100
5,285,412
Phillips
66
..............................
96,287
10,041,771
Valero
Energy
Corp.
.......................
81,424
10,222,783
Williams
Companies,
Inc.
(The)
...............
243,201
7,959,969
53,873,130
a
Personal
Products
 — 0.3%
Estee
Lauder
Companies,
Inc.
(The),
Class
A
......
46,285
9,279,680
a
Pharmaceuticals
 — 2.8%
Bristol-Myers
Squibb
Co.
....................
425,908
32,995,093
Jazz
Pharmaceuticals
PLC
(a)
.................
12,501
1,797,519
Merck
&
Co.,
Inc.
.........................
505,873
51,194,347
Zoetis,
Inc.,
Class
A
.......................
94,201
14,203,627
100,190,586
a
Professional
Services
 — 0.2%
ASGN,
Inc.
(a)
............................
10,237
867,893
Exponent,
Inc.
...........................
10,213
972,890
Heidrick
&
Struggles
International,
Inc.
..........
3,679
103,601
ICF
International,
Inc.
......................
3,883
464,523
Kelly
Services,
Inc.,
Class
A,
NVS
.............
6,937
113,351
ManpowerGroup,
Inc.
......................
10,507
823,118
Resources
Connection,
Inc.
..................
7,102
129,754
Robert
Half
International,
Inc.
.................
22,211
1,698,253
TransUnion
.............................
38,530
2,283,673
TrueBlue,
Inc.
(a)(b)
.........................
7,028
138,170
7,595,226
a
Real
Estate
Management
&
Development
 — 0.2%
Anywhere
Real
Estate,
Inc.
(a)
.................
22,819
169,545
CBRE
Group,
Inc.,
Class
A
(a)
.................
65,475
4,644,797
Security
Shares
Value
a
Real
Estate
Management
&
Development
(continued)
Jones
Lang
LaSalle,
Inc.
(a)
...................
9,758
$
1,552,400
6,366,742
a
Road
&
Rail
 — 1.5%
AMERCO
..............................
1,988
1,143,478
ArcBest
Corp.
...........................
5,030
399,533
Avis
Budget
Group,
Inc.
(a)
...................
6,279
1,484,732
CSX
Corp.
.............................
435,372
12,651,910
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
..
30,991
1,488,498
Norfolk
Southern
Corp.
.....................
47,587
10,853,167
Ryder
System,
Inc.
........................
10,245
824,825
Union
Pacific
Corp.
.......................
125,706
24,781,681
53,627,824
a
Semiconductors
&
Semiconductor
Equipment
 — 5.8%
Advanced
Micro
Devices,
Inc.
(a)
...............
324,175
19,469,950
Analog
Devices,
Inc.
.......................
104,021
14,835,475
Applied
Materials,
Inc.
.....................
174,115
15,372,613
Intel
Corp.
.............................
817,983
23,255,257
Lam
Research
Corp.
......................
27,696
11,210,787
Microchip
Technology,
Inc.
...................
110,717
6,835,668
NVIDIA
Corp.
...........................
500,914
67,608,363
NXP
Semiconductors
NV
...................
52,606
7,684,684
ON
Semiconductor
Corp.
(a)
..................
86,660
5,323,524
Skyworks
Solutions,
Inc.
....................
32,234
2,772,446
Texas
Instruments,
Inc.
.....................
184,468
29,631,095
203,999,862
a
Software
 — 15.2%
Adobe,
Inc.
(a)
............................
94,521
30,104,938
ANSYS,
Inc.
(a)
...........................
17,467
3,863,002
Autodesk,
Inc.
(a)
..........................
43,560
9,334,908
Black
Knight,
Inc.
(a)
........................
30,891
1,867,979
Cadence
Design
Systems,
Inc.
(a)
..............
55,242
8,363,086
Coupa
Software,
Inc.
(a)
.....................
14,796
787,591
Fair
Isaac
Corp.
(a)(b)
.......................
5,182
2,481,349
Fortinet,
Inc.
(a)
...........................
136,208
7,785,649
Guidewire
Software,
Inc.
(a)(b)
..................
15,884
943,668
HubSpot,
Inc.
(a)
..........................
9,083
2,693,654
Intuit,
Inc.
..............................
53,608
22,917,420
Microsoft
Corp.
..........................
1,421,335
329,934,494
NortonLifeLock,
Inc.
.......................
120,005
2,703,713
Oracle
Corp.
............................
320,250
25,001,918
Paycom
Software,
Inc.
(a)
....................
10,231
3,539,926
PTC,
Inc.
(a)(b)
............................
22,147
2,609,581
RingCentral,
Inc.,
Class
A
(a)
..................
16,427
583,487
Roper
Technologies,
Inc.
....................
21,136
8,761,717
Salesforce,
Inc.
(a)
.........................
198,829
32,327,607
ServiceNow,
Inc.
(a)
........................
40,121
16,880,510
Splunk,
Inc.
(a)
...........................
32,226
2,678,303
Synopsys,
Inc.
(a)
.........................
30,616
8,956,711
Teradata
Corp.
(a)
.........................
20,447
645,921
VMware,
Inc.,
Class
A
......................
42,263
4,755,855
Workday,
Inc.,
Class
A
(a)
....................
39,860
6,210,985
Zendesk,
Inc.
(a)
..........................
24,391
1,870,546
538,604,518
a
Specialty
Retail
 — 3.0%
AutoNation,
Inc.
(a)(b)
.......................
7,594
807,318
Best
Buy
Co.,
Inc.
........................
40,561
2,774,778
Buckle,
Inc.
(The)
........................
5,699
224,142
CarMax,
Inc.
(a)(b)
..........................
32,000
2,016,320
Foot
Locker,
Inc.
.........................
17,324
549,171
GameStop
Corp.,
Class
A
(a)(b)
.................
52,420
1,484,010
Gap,
Inc.
(The)
..........................
41,696
469,914
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The)
....................
205,597
$
60,883,440
Lowe's
Companies,
Inc.
....................
127,853
24,924,942
ODP
Corp.
(The)
(a)
........................
8,744
346,000
Signet
Jewelers
Ltd.
.......................
9,494
619,388
Tractor
Supply
Co.
........................
22,370
4,916,255
Ulta
Beauty,
Inc.
(a)
........................
10,379
4,352,641
104,368,319
a
Technology
Hardware,
Storage
&
Peripherals
 — 0.4%
Dell
Technologies,
Inc.,
Class
C
...............
54,952
2,110,157
Hewlett
Packard
Enterprise
Co.
...............
260,435
3,716,408
HP,
Inc.
...............................
210,978
5,827,212
Seagate
Technology
Holdings
PLC
.............
40,882
2,030,200
Xerox
Holdings
Corp.
......................
23,500
343,805
14,027,782
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.9%
Capri
Holdings
Ltd.
(a)
......................
29,128
1,330,567
Columbia
Sportswear
Co.
...................
6,819
508,016
Deckers
Outdoor
Corp.
(a)
....................
5,348
1,871,426
Hanesbrands,
Inc.
........................
70,967
483,995
Nike,
Inc.,
Class
B
........................
253,809
23,523,018
PVH
Corp.
.............................
13,440
689,741
Under
Armour,
Inc.,
Class
A
(a)
.................
36,847
274,510
Under
Armour,
Inc.,
Class
C,
NVS
(a)
............
42,037
275,763
VF
Corp.
..............................
66,221
1,870,743
Wolverine
World
Wide,
Inc.
..................
15,942
273,086
31,100,865
a
Thrifts
&
Mortgage
Finance
 — 0.0%
New
York
Community
Bancorp,
Inc.
............
94,298
877,914
a
Trading
Companies
&
Distributors
 — 0.5%
Air
Lease
Corp.,
Class
A
....................
21,057
743,102
Applied
Industrial
Technologies,
Inc.
............
7,818
972,403
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
Fastenal
Co.
............................
114,912
$
5,553,697
United
Rentals,
Inc.
(a)
......................
14,344
4,528,544
WW
Grainger,
Inc.
........................
9,212
5,383,032
17,180,778
a
Water
Utilities
 — 0.2%
American
Water
Works
Co.,
Inc.
...............
36,404
5,290,957
Essential
Utilities,
Inc.
......................
49,864
2,204,986
7,495,943
a
Total
Long-Term
Investments — 99.7%
(Cost:
$3,169,567,842)
...............................
3,523,917,680
a
Short-Term
Securities
Money
Market
Funds
 — 
0.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(c)(d)(e)
......................
9,691,003
9,689,065
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
(c)(d)
............................
6,439,304
6,439,304
a
Total
Short-Term
Securities — 0.5%
(Cost:
$16,128,369)
.................................
16,128,369
Total
Investments
—
100.2%
(Cost:
$3,185,696,211)
...............................
3,540,046,049
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
...............
(6,183,847)
Net
Assets
—
100.0%
.................................
$
3,533,862,202
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
25,429,018
$
—
$
(15,735,539
)
(a)
$
(4,987
)
$
573
$
9,689,065
9,691,003
$
200,383
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,630,000
3,809,304
(a)
—
—
—
6,439,304
6,439,304
77,806
—
BlackRock,
Inc.
..
17,745,909
2,101,574
(967,230
)
284,400
374,770
19,539,423
30,251
297,163
—
$
279,413
$
375,343
$
35,667,792
$
575,352
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
MSCI
KLD
400
Social
ETF
36
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
49
12/16/22
$
9,513
$
226,804
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
226,804
$
—
$
—
$
—
$
226,804
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(857,023
)
$
—
$
—
$
—
$
(857,023
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
505,645
$
—
$
—
$
—
$
505,645
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,956,925
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
MSCI
KLD
400
Social
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
37
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,523,917,680
‌
$
—
‌
$
—
‌
$
3,523,917,680
‌
Short-Term
Securities
Money
Market
Funds
......................................
16,128,369
‌
—
‌
—
‌
16,128,369
‌
$
3,540,046,049
‌
$
—
‌
$
—
‌
$
3,540,046,049
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
226,804
‌
$
—
‌
$
—
‌
$
226,804
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
MSCI
USA
ESG
Select
ETF
(Percentages
shown
are
based
on
Net
Assets)
38
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.6
%
L3Harris
Technologies,
Inc.
..................
77,850
$
19,187,689
a
Air
Freight
&
Logistics
 — 
1
.7
%
CH
Robinson
Worldwide,
Inc.
(a)
...............
154,846
15,131,551
Expeditors
International
of
Washington,
Inc.
.......
402,131
39,348,518
54,480,069
a
Auto
Components
 — 
0
.4
%
Aptiv
PLC
(b)
.............................
127,277
11,591,116
a
Automobiles
 — 
2
.0
%
Lucid
Group,
Inc.
(a)
(b)
.......................
213,418
3,049,743
Rivian
Automotive,
Inc.
,
Class
A
(b)
..............
111,043
3,883,174
Tesla,
Inc.
(b)
.............................
254,925
58,005,634
64,938,551
a
Banks
 — 
2
.1
%
Huntington
Bancshares,
Inc.
.................
1,603,351
24,338,868
PNC
Financial
Services
Group,
Inc.
(The)
........
40,442
6,544,729
Regions
Financial
Corp.
....................
1,220,501
26,789,997
SVB
Financial
Group
(b)
.....................
23,061
5,326,169
Truist
Financial
Corp.
......................
114,988
5,150,312
68,150,075
a
Beverages
 — 
3
.3
%
Coca-Cola
Co.
(The)
......................
677,998
40,578,180
Keurig
Dr
Pepper,
Inc.
.....................
199,278
7,739,958
PepsiCo,
Inc.
...........................
316,122
57,401,433
105,719,571
a
Biotechnology
 — 
2
.6
%
Amgen,
Inc.
............................
112,577
30,435,192
Biogen,
Inc.
(b)
...........................
29,950
8,489,028
Gilead
Sciences,
Inc.
......................
330,358
25,919,889
Vertex
Pharmaceuticals,
Inc.
(b)
................
61,062
19,051,344
83,895,453
a
Building
Products
 — 
2
.9
%
Carrier
Global
Corp.
.......................
136,061
5,409,786
Fortune
Brands
Home
&
Security,
Inc.
...........
52,863
3,188,696
Johnson
Controls
International
PLC
............
833,192
48,191,825
Owens
Corning
..........................
81,252
6,955,984
Trane
Technologies
PLC
....................
195,913
31,273,592
95,019,883
a
Capital
Markets
 — 
5
.5
%
Bank
of
New
York
Mellon
Corp.
(The)
...........
416,767
17,550,058
BlackRock,
Inc.
(c)
.........................
72,358
46,736,756
CME
Group,
Inc.
,
Class
A
...................
20,050
3,474,665
FactSet
Research
Systems,
Inc.
...............
16,025
6,818,477
Invesco
Ltd.
............................
319,824
4,899,704
Moody's
Corp.
...........................
54,905
14,542,687
Morgan
Stanley
..........................
407,101
33,451,489
Nasdaq,
Inc.
............................
57,374
3,570,958
Northern
Trust
Corp.
.......................
179,613
15,150,357
S&P
Global,
Inc.
.........................
56,741
18,228,046
State
Street
Corp.
........................
140,583
10,403,142
T
Rowe
Price
Group,
Inc.
...................
28,346
3,009,211
177,835,550
a
Chemicals
 — 
2
.3
%
Ecolab,
Inc.
............................
222,838
35,001,164
International
Flavors
&
Fragrances,
Inc.
..........
83,049
8,106,413
Linde
PLC
.............................
62,797
18,672,688
Security
Shares
Value
a
Chemicals
(continued)
Mosaic
Co.
(The)
.........................
212,520
$
11,422,950
PPG
Industries,
Inc.
.......................
27,088
3,092,908
76,296,123
a
Communications
Equipment
 — 
1
.0
%
Cisco
Systems,
Inc.
.......................
613,946
27,891,567
Motorola
Solutions,
Inc.
....................
18,892
4,717,521
32,609,088
a
Construction
&
Engineering
 — 
0
.2
%
Quanta
Services,
Inc.
......................
36,493
5,183,466
a
Consumer
Finance
 — 
0
.8
%
American
Express
Co.
.....................
180,614
26,812,148
a
Containers
&
Packaging
 — 
0
.5
%
Amcor
PLC
.............................
936,340
10,842,817
Ball
Corp.
..............................
109,816
5,423,812
16,266,629
a
Distributors
 — 
0
.3
%
LKQ
Corp.
.............................
170,771
9,501,698
a
Diversified
Telecommunication
Services
 — 
0
.6
%
Verizon
Communications,
Inc.
................
478,743
17,890,626
a
Electric
Utilities
 — 
0
.7
%
Eversource
Energy
.......................
312,740
23,855,807
a
Electrical
Equipment
 — 
0
.1
%
Plug
Power,
Inc.
(a)
(b)
.......................
153,119
2,446,842
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.8
%
Keysight
Technologies,
Inc.
(b)
.................
73,937
12,876,129
Trimble,
Inc.
(b)
...........................
174,840
10,518,374
Zebra
Technologies
Corp.
,
Class
A
(b)
............
12,223
3,461,798
26,856,301
a
Energy
Equipment
&
Services
 — 
2
.3
%
Baker
Hughes
Co.
,
Class
A
..................
575,090
15,906,989
Halliburton
Co.
..........................
800,538
29,155,594
Schlumberger
Ltd.
(a)
.......................
581,582
30,259,712
75,322,295
a
Entertainment
 — 
1
.1
%
Electronic
Arts,
Inc.
.......................
69,676
8,776,389
Walt
Disney
Co.
(The)
(b)
....................
209,902
22,362,959
Warner
Bros
Discovery,
Inc.
,
Series
A
(b)
..........
260,388
3,385,044
34,524,392
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
2
.7
%
American
Tower
Corp.
.....................
85,413
17,696,719
Crown
Castle,
Inc.
........................
49,262
6,564,654
Equinix,
Inc.
............................
29,918
16,946,752
Healthpeak
Properties,
Inc.
..................
465,509
11,046,529
Iron
Mountain,
Inc.
........................
88,127
4,412,519
Prologis,
Inc.
............................
130,946
14,502,269
Ventas,
Inc.
............................
110,885
4,338,930
Welltower,
Inc.
...........................
201,198
12,281,126
87,789,498
a
Food
&
Staples
Retailing
 — 
0
.5
%
Costco
Wholesale
Corp.
....................
18,652
9,353,978
Kroger
Co.
(The)
.........................
168,858
7,985,295
17,339,273
a
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
39
Schedule
of
Investments
Security
Shares
Value
a
Food
Products
 — 
4
.1
%
Bunge
Ltd.
.............................
240,881
$
23,774,954
General
Mills,
Inc.
........................
507,683
41,416,779
Kellogg
Co.
.............................
676,879
51,997,845
McCormick
&
Co.,
Inc.
,
NVS
(a)
................
210,484
16,552,462
133,742,040
a
Gas
Utilities
 — 
0
.1
%
UGI
Corp.
..............................
120,338
4,251,542
a
Health
Care
Equipment
&
Supplies
 — 
2
.5
%
Dexcom,
Inc.
(a)
(b)
.........................
80,004
9,662,883
Edwards
Lifesciences
Corp.
(b)
................
219,843
15,923,229
Hologic,
Inc.
(b)
...........................
113,886
7,721,471
IDEXX
Laboratories,
Inc.
(b)
...................
40,007
14,389,718
Insulet
Corp.
(a)
(b)
..........................
53,878
13,944,165
ResMed,
Inc.
...........................
32,881
7,355,151
STERIS
PLC
............................
63,480
10,955,378
79,951,995
a
Health
Care
Providers
&
Services
 — 
1
.9
%
DaVita,
Inc.
(b)
............................
56,589
4,131,563
Elevance
Health,
Inc.
......................
26,605
14,546,816
HCA
Healthcare,
Inc.
......................
61,900
13,461,393
Humana,
Inc.
...........................
14,200
7,924,736
Laboratory
Corp.
of
America
Holdings
...........
15,702
3,483,646
Quest
Diagnostics,
Inc.
.....................
119,748
17,201,800
60,749,954
a
Health
Care
Technology
 — 
0
.1
%
Teladoc
Health,
Inc.
(a)
(b)
.....................
108,637
3,220,001
a
Hotels,
Restaurants
&
Leisure
 — 
0
.6
%
Hilton
Worldwide
Holdings,
Inc.
...............
82,825
11,202,909
Vail
Resorts,
Inc.
.........................
39,569
8,670,755
19,873,664
a
Household
Products
 — 
2
.0
%
Clorox
Co.
(The)
.........................
32,030
4,677,661
Colgate-Palmolive
Co.
.....................
293,181
21,648,485
Kimberly-Clark
Corp.
......................
157,038
19,544,950
Procter
&
Gamble
Co.
(The)
.................
148,000
19,931,160
65,802,256
a
Industrial
Conglomerates
 — 
1
.1
%
3M
Co.
................................
287,053
36,108,397
a
Insurance
 — 
2
.9
%
American
International
Group,
Inc.
.............
117,628
6,704,796
Chubb
Ltd.
.............................
17,840
3,833,638
Marsh
&
McLennan
Companies,
Inc.
............
217,802
35,172,845
Prudential
Financial,
Inc.
....................
307,692
32,366,122
Travelers
Companies,
Inc.
(The)
...............
83,451
15,393,371
93,470,772
a
Interactive
Media
&
Services
 — 
3
.5
%
Alphabet,
Inc.
,
Class
A
(b)
....................
653,093
61,723,820
Alphabet,
Inc.
,
Class
C
,
NVS
(b)
................
361,990
34,265,973
Meta
Platforms,
Inc.
,
Class
A
(b)
................
78,834
7,344,175
ZoomInfo
Technologies,
Inc.
(b)
................
241,760
10,765,573
114,099,541
a
Internet
&
Direct
Marketing
Retail
 — 
0
.3
%
eBay,
Inc.
..............................
75,929
3,025,011
MercadoLibre,
Inc.
(b)
.......................
5,711
5,149,152
8,174,163
a
Security
Shares
Value
a
IT
Services
 — 
6
.2
%
Accenture
PLC
,
Class
A
....................
123,936
$
35,185,430
Automatic
Data
Processing,
Inc.
...............
209,032
50,523,034
Block,
Inc.
,
Class
A
(b)
......................
49,080
2,948,236
Fidelity
National
Information
Services,
Inc.
........
114,052
9,465,176
International
Business
Machines
Corp.
..........
173,637
24,012,261
Mastercard,
Inc.
,
Class
A
....................
88,406
29,013,081
Okta,
Inc.
,
Class
A
(b)
.......................
46,855
2,629,503
PayPal
Holdings,
Inc.
(b)
.....................
116,597
9,745,177
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
25,393
4,070,498
Twilio,
Inc.
,
Class
A
(b)
......................
53,416
3,972,548
Visa,
Inc.
,
Class
A
(a)
.......................
153,202
31,737,326
203,302,270
a
Leisure
Products
 — 
0
.5
%
Hasbro,
Inc.
............................
271,985
17,747,021
a
Life
Sciences
Tools
&
Services
 — 
3
.8
%
Agilent
Technologies,
Inc.
...................
280,392
38,792,233
Danaher
Corp.
..........................
39,112
9,843,317
Illumina,
Inc.
(b)
...........................
21,375
4,891,028
Mettler-Toledo
International,
Inc.
(b)
.............
14,810
18,733,613
Waters
Corp.
(b)
..........................
91,263
27,303,152
West
Pharmaceutical
Services,
Inc.
............
105,152
24,195,475
123,758,818
a
Machinery
 — 
2
.0
%
Caterpillar,
Inc.
..........................
66,026
14,291,988
Cummins,
Inc.
...........................
45,449
11,112,735
Deere
&
Co.
............................
23,746
9,399,142
Xylem,
Inc.
.............................
296,519
30,372,441
65,176,306
a
Media
 — 
0
.4
%
Cable
One,
Inc.
..........................
6,867
5,901,706
Interpublic
Group
of
Companies,
Inc.
(The)
.......
218,747
6,516,473
12,418,179
a
Metals
&
Mining
 — 
0
.3
%
Newmont
Corp.
..........................
179,175
7,582,686
Nucor
Corp.
............................
25,898
3,402,479
10,985,165
a
Multiline
Retail
 — 
0
.4
%
Target
Corp.
............................
84,058
13,806,526
a
Multi-Utilities
 — 
0
.4
%
Consolidated
Edison,
Inc.
...................
74,692
6,569,909
Sempra
Energy
..........................
41,580
6,276,085
12,845,994
a
Oil,
Gas
&
Consumable
Fuels
 — 
2
.6
%
Cheniere
Energy,
Inc.
......................
185,450
32,715,234
Kinder
Morgan,
Inc.
,
Class
P
.................
191,208
3,464,689
ONEOK,
Inc.
............................
525,809
31,190,990
Valero
Energy
Corp.
.......................
143,191
17,977,630
85,348,543
a
Pharmaceuticals
 — 
2
.2
%
Catalent,
Inc.
(b)
..........................
34,002
2,234,952
Eli
Lilly
&
Co.
...........................
60,225
21,806,870
Merck
&
Co.,
Inc.
.........................
197,480
19,984,976
Zoetis,
Inc.
,
Class
A
.......................
181,262
27,330,684
71,357,482
a
Professional
Services
 — 
0
.1
%
Robert
Half
International,
Inc.
.................
56,795
4,342,546
a
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
MSCI
USA
ESG
Select
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Real
Estate
Management
&
Development
 — 
0
.6
%
CBRE
Group,
Inc.
,
Class
A
(a)
(b)
................
268,641
$
19,057,393
a
Road
&
Rail
 — 
0
.1
%
Norfolk
Southern
Corp.
.....................
16,954
3,866,699
a
Semiconductors
&
Semiconductor
Equipment
 — 
5
.5
%
Advanced
Micro
Devices,
Inc.
(b)
...............
81,396
4,888,644
Applied
Materials,
Inc.
.....................
281,520
24,855,401
Intel
Corp.
.............................
600,137
17,061,895
Lam
Research
Corp.
......................
28,231
11,427,344
Marvell
Technology,
Inc.
....................
67,262
2,668,956
NVIDIA
Corp.
...........................
342,688
46,252,599
NXP
Semiconductors
NV
...................
60,049
8,771,958
ON
Semiconductor
Corp.
(b)
..................
112,702
6,923,284
QUALCOMM,
Inc.
........................
53,793
6,329,284
Texas
Instruments,
Inc.
.....................
305,743
49,111,498
178,290,863
a
Software
 — 
9
.9
%
Adobe,
Inc.
(b)
............................
120,597
38,410,144
ANSYS,
Inc.
(b)
...........................
33,249
7,353,349
Autodesk,
Inc.
(b)
..........................
78,779
16,882,340
Cadence
Design
Systems,
Inc.
(b)
..............
123,991
18,770,997
HubSpot,
Inc.
(a)
(b)
.........................
13,129
3,893,536
Intuit,
Inc.
..............................
67,164
28,712,610
Microsoft
Corp.
..........................
623,360
144,700,557
PTC,
Inc.
(b)
.............................
33,672
3,967,572
Salesforce,
Inc.
(b)
.........................
175,866
28,594,053
ServiceNow,
Inc.
(b)
........................
42,316
17,804,034
Splunk,
Inc.
(b)
...........................
39,457
3,279,271
VMware,
Inc.
,
Class
A
......................
36,937
4,156,521
Workday,
Inc.
,
Class
A
(b)
....................
36,987
5,763,314
322,288,298
a
Specialty
Retail
 — 
3
.3
%
Best
Buy
Co.,
Inc.
........................
276,914
18,943,687
Home
Depot,
Inc.
(The)
....................
198,099
58,663,057
Lowe's
Companies,
Inc.
....................
132,559
25,842,377
Security
Shares
Value
a
Specialty
Retail
(continued)
Tractor
Supply
Co.
........................
24,287
$
5,337,554
108,786,675
a
Technology
Hardware,
Storage
&
Peripherals
 — 
5
.7
%
Apple,
Inc.
.............................
1,039,962
159,467,773
Hewlett
Packard
Enterprise
Co.
...............
1,398,316
19,953,969
HP,
Inc.
...............................
269,051
7,431,189
186,852,931
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.5
%
Lululemon
Athletica,
Inc.
(b)
...................
11,082
3,646,421
Nike,
Inc.
,
Class
B
........................
74,376
6,893,168
VF
Corp.
..............................
180,679
5,104,182
15,643,771
a
Trading
Companies
&
Distributors
 — 
1
.2
%
WW
Grainger,
Inc.
........................
68,602
40,087,579
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
3,446,589,057
)
...............................
3,248,919,527
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
25,882,207
25,877,031
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
4,691,009
4,691,009
a
Total
Short-Term
Securities — 0.9%
(Cost:
$
30,565,067
)
.................................
30,568,040
Total
Investments
—
100.7%
(Cost:
$
3,477,154,124
)
...............................
3,279,487,567
Liabilities
in
Excess
of
Other
Assets
—
(
0
.7
)
%
...............
(
22,785,321
)
Net
Assets
—
100.0%
.................................
$
3,256,702,246
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
14,194,811
$
11,691,800
(a)
$
—
$
(
6,681
)
$
(
2,899
)
$
25,877,031
25,882,207
$
209,144
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
8,900,000
—
(
4,208,991
)
(a)
—
—
4,691,009
4,691,009
54,857
—
BlackRock,
Inc.
..
47,282,029
1,648,683
(
3,690,035
)
859,303
636,776
46,736,756
72,358
719,894
—
$
852,622
$
633,877
$
77,304,796
$
983,895
$
—
iShares
®
MSCI
USA
ESG
Select
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
41
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
..................................................................
38
12/16/22
$
7,378
$
(
68,456
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
68,456
$
—
$
—
$
—
$
68,456
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
904,820
)
$
—
$
—
$
—
$
(
904,820
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
241,054
$
—
$
—
$
—
$
241,054
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
8,752,388
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
MSCI
USA
ESG
Select
ETF
42
2022
iShares
Semi-Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,248,919,527
‌
$
—
‌
$
—
‌
$
3,248,919,527
‌
Short-Term
Securities
Money
Market
Funds
......................................
30,568,040
‌
—
‌
—
‌
30,568,040
‌
$
3,279,487,567
‌
$
—
‌
$
—
‌
$
3,279,487,567
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
68,456
)
$
—
‌
$
—
‌
$
(
68,456
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Basic
Materials
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
43
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 0.7%
Hexcel
Corp.
............................
111,489
$
6,209,937
a
Chemicals
 — 64.2%
Air
Products
and
Chemicals,
Inc.
..............
240,681
60,266,522
Albemarle
Corp.
.........................
133,801
37,446,886
Ashland,
Inc.
............................
67,389
7,070,454
Celanese
Corp.
..........................
144,105
13,851,373
CF
Industries
Holdings,
Inc.
..................
261,836
27,822,693
Chemours
Co.
(The)
.......................
205,369
5,879,714
Dow,
Inc.
..............................
834,045
38,983,263
Eastman
Chemical
Co.
.....................
162,871
12,510,122
Ecolab,
Inc.
............................
279,574
43,912,688
Element
Solutions,
Inc.
.....................
303,977
5,228,404
FMC
Corp.
.............................
167,608
19,928,591
Huntsman
Corp.
.........................
254,307
6,805,255
International
Flavors
&
Fragrances,
Inc.
..........
301,034
29,383,929
Linde
PLC
.............................
508,271
151,134,383
LyondellBasell
Industries
NV,
Class
A
...........
335,029
25,612,967
Mosaic
Co.
(The)
.........................
458,913
24,666,574
NewMarket
Corp.
.........................
7,864
2,393,330
Olin
Corp.
..............................
177,907
9,420,176
Scotts
Miracle-Gro
Co.
(The),
Class
A
...........
53,697
2,465,229
Valvoline,
Inc.
...........................
235,256
6,907,116
Westlake
Corp.
..........................
43,910
4,243,902
535,933,571
a
Containers
&
Packaging
 — 4.1%
Avery
Dennison
Corp.
(a)
....................
108,344
18,369,725
International
Paper
Co.
.....................
481,055
16,168,259
34,537,984
a
Machinery
 — 0.7%
Timken
Co.
(The)
.........................
82,920
5,911,367
a
Metals
&
Mining
 — 25.5%
Alcoa
Corp.
.............................
239,196
9,335,820
Cleveland-Cliffs,
Inc.
(a)(b)
....................
679,930
8,832,291
Security
Shares
Value
a
Metals
&
Mining
(continued)
Freeport-McMoRan,
Inc.
....................
1,618,074
$
51,276,765
MP
Materials
Corp.,
Class
A
(a)(b)
...............
120,721
3,626,459
Newmont
Corp.
..........................
902,060
38,175,179
Nucor
Corp.
............................
303,182
39,832,051
Reliance
Steel
&
Aluminum
Co.
...............
79,824
16,082,939
Royal
Gold,
Inc.
(a)
.........................
87,194
8,279,942
Southern
Copper
Corp.
.....................
113,646
5,337,953
SSR
Mining,
Inc.
(a)
........................
282,075
3,892,635
Steel
Dynamics,
Inc.
.......................
230,414
21,670,437
United
States
Steel
Corp.
...................
312,745
6,367,488
212,709,959
a
Trading
Companies
&
Distributors
 — 4.6%
Fastenal
Co.
............................
676,387
32,689,784
Univar
Solutions,
Inc.
(a)(b)
....................
218,678
5,571,915
38,261,699
a
Total
Long-Term
Investments — 99.8%
(Cost:
$968,138,448)
................................
833,564,517
a
Short-Term
Securities
Money
Market
Funds
 — 
1.6%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(c)(d)(e)
......................
12,852,270
12,849,699
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
(c)(d)
............................
926,116
926,116
a
Total
Short-Term
Securities — 1.6%
(Cost:
$13,776,016)
.................................
13,775,815
Total
Investments
—
101.4%
(Cost:
$981,914,464)
................................
847,340,332
Liabilities
in
Excess
of
Other
Assets
—
(1.4)%
...............
(11,897,577)
Net
Assets
—
100.0%
.................................
$
835,442,755
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
12,844,960
(a)
$
—
$
4,940
$
(201
)
$
12,849,699
12,852,270
$
17,015
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,980,000
—
(1,053,884
)
(a)
—
—
926,116
926,116
13,313
—
$
4,940
$
(201
)
$
13,775,815
$
30,328
$
—
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Basic
Materials
ETF
44
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Materials
Select
Sector
Index
.........................................................
22
12/16/22
$
1,729
$
86,434
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
86,434
$
—
$
—
$
—
$
86,434
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(701,490
)
$
—
$
—
$
—
$
(701,490
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
101,005
$
—
$
—
$
—
$
101,005
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,230,305
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Basic
Materials
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
45
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
833,564,517
‌
$
—
‌
$
—
‌
$
833,564,517
‌
Short-Term
Securities
Money
Market
Funds
......................................
13,775,815
‌
—
‌
—
‌
13,775,815
‌
$
847,340,332
‌
$
—
‌
$
—
‌
$
847,340,332
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
86,434
‌
$
—
‌
$
—
‌
$
86,434
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Consumer
Discretionary
ETF
(Percentages
shown
are
based
on
Net
Assets)
46
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Airlines
 — 
1
.7
%
Alaska
Air
Group,
Inc.
(a)
.....................
19,424
$
863,591
American
Airlines
Group,
Inc.
(a)
................
101,411
1,438,008
Copa
Holdings
SA
,
Class
A
,
NVS
(a)
(b)
............
4,504
338,836
Delta
Air
Lines,
Inc.
(a)
......................
100,527
3,410,881
JetBlue
Airways
Corp.
(a)
....................
50,357
404,870
Southwest
Airlines
Co.
(a)
....................
93,002
3,380,623
United
Airlines
Holdings,
Inc.
(a)
................
51,219
2,206,515
12,043,324
a
Auto
Components
 — 
1
.1
%
Aptiv
PLC
(a)
.............................
42,459
3,866,741
BorgWarner,
Inc.
.........................
37,062
1,390,937
Gentex
Corp.
...........................
36,890
977,216
Lear
Corp.
.............................
9,342
1,295,829
QuantumScape
Corp.
(a)
(b)
...................
39,702
330,718
7,861,441
a
Automobiles
 — 
11
.7
%
Ford
Motor
Co.
..........................
619,428
8,281,752
General
Motors
Co.
.......................
228,560
8,970,980
Harley-Davidson,
Inc.
......................
21,121
908,203
Lucid
Group,
Inc.
(a)
(b)
.......................
83,471
1,192,801
Rivian
Automotive,
Inc.
,
Class
A
(a)
..............
81,599
2,853,517
Tesla,
Inc.
(a)
.............................
257,336
58,554,234
Thor
Industries,
Inc.
.......................
8,309
676,934
81,438,421
a
Commercial
Services
&
Supplies
 — 
0
.9
%
Copart,
Inc.
(a)
...........................
33,470
3,849,719
Driven
Brands
Holdings,
Inc.
(a)
(b)
...............
8,663
277,043
IAA,
Inc.
(a)
..............................
21,014
797,061
Rollins,
Inc.
.............................
36,377
1,530,744
6,454,567
a
Distributors
 — 
1
.2
%
Genuine
Parts
Co.
........................
21,803
3,877,882
LKQ
Corp.
.............................
40,313
2,243,015
Pool
Corp.
.............................
6,057
1,842,721
7,963,618
a
Diversified
Consumer
Services
 — 
0
.5
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
..........
9,029
589,774
Grand
Canyon
Education,
Inc.
(a)
...............
4,939
497,012
H&R
Block,
Inc.
..........................
25,035
1,030,190
Mister
Car
Wash,
Inc.
(a)
.....................
12,384
109,351
Service
Corp.
International
..................
24,237
1,469,004
3,695,331
a
Entertainment
 — 
11
.7
%
Activision
Blizzard,
Inc.
.....................
122,071
8,886,769
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
81,143
540,412
Electronic
Arts,
Inc.
.......................
43,525
5,482,409
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
.
3,301
171,718
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
...............................
31,508
1,818,957
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
24,189
1,925,686
Madison
Square
Garden
Sports
Corp.
,
Class
A
.....
2,976
466,071
Netflix,
Inc.
(a)
............................
68,812
20,084,847
Playtika
Holding
Corp.
(a)
....................
16,232
153,393
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
69,127
3,092,742
Spotify
Technology
SA
(a)
(b)
...................
21,983
1,771,390
Take-Two
Interactive
Software,
Inc.
(a)
............
25,648
3,038,775
Walt
Disney
Co.
(The)
(a)
....................
269,593
28,722,438
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
370,495
4,816,435
Security
Shares
Value
a
Entertainment
(continued)
World
Wrestling
Entertainment,
Inc.
,
Class
A
......
6,758
$
533,139
81,505,181
a
Food
&
Staples
Retailing
 — 
8
.3
%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
............
21,039
1,628,419
Costco
Wholesale
Corp.
....................
56,135
28,151,703
Walmart,
Inc.
............................
194,974
27,750,649
57,530,771
a
Hotels,
Restaurants
&
Leisure
 — 
16
.8
%
Airbnb,
Inc.
,
Class
A
(a)
......................
61,368
6,560,853
Aramark
...............................
36,397
1,328,491
Booking
Holdings,
Inc.
(a)
....................
6,238
11,661,816
Boyd
Gaming
Corp.
.......................
12,270
708,715
Caesars
Entertainment,
Inc.
(a)
................
32,213
1,408,674
Carnival
Corp.
(a)
..........................
150,308
1,361,790
Chipotle
Mexican
Grill,
Inc.
(a)
.................
4,370
6,547,702
Choice
Hotels
International,
Inc.
...............
5,283
685,945
Churchill
Downs,
Inc.
......................
5,694
1,183,840
Darden
Restaurants,
Inc.
...................
19,224
2,751,723
Domino's
Pizza,
Inc.
.......................
5,640
1,873,834
DraftKings,
Inc.
,
Class
A
(a)
(b)
..................
50,860
803,588
Expedia
Group,
Inc.
(a)
......................
23,746
2,219,539
Hilton
Worldwide
Holdings,
Inc.
...............
42,432
5,739,352
Hyatt
Hotels
Corp.
,
Class
A
(a)
.................
7,744
729,562
Las
Vegas
Sands
Corp.
(a)
...................
51,942
1,974,315
Marriott
International,
Inc.
,
Class
A
.............
43,121
6,904,103
Marriott
Vacations
Worldwide
Corp.
.............
6,020
889,515
McDonald's
Corp.
........................
106,712
29,096,094
MGM
Resorts
International
(b)
.................
51,557
1,833,883
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
...........
65,663
1,109,048
Penn
Entertainment,
Inc.
(a)
(b)
.................
24,791
820,582
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
...............
13,250
867,610
Royal
Caribbean
Cruises
Ltd.
(a)
...............
34,587
1,846,254
Six
Flags
Entertainment
Corp.
(a)
...............
11,669
260,219
Starbucks
Corp.
..........................
180,249
15,607,761
Travel
+
Leisure
Co.
.......................
12,913
490,436
Vail
Resorts,
Inc.
.........................
6,316
1,384,025
Wendy's
Co.
(The)
........................
26,775
556,385
Wyndham
Hotels
&
Resorts,
Inc.
..............
13,936
1,058,160
Wynn
Resorts
Ltd.
(a)
.......................
16,364
1,045,660
Yum!
Brands,
Inc.
........................
44,967
5,317,348
116,626,822
a
Household
Durables
 — 
2
.4
%
DR
Horton,
Inc.
..........................
50,061
3,848,690
Garmin
Ltd.
.............................
24,209
2,131,360
Leggett
&
Platt,
Inc.
.......................
20,890
705,037
Lennar
Corp.
,
Class
A
......................
39,381
3,178,047
Lennar
Corp.
,
Class
B
.....................
2,323
151,506
Newell
Brands,
Inc.
.......................
59,271
818,533
NVR,
Inc.
(a)
.............................
472
2,000,218
PulteGroup,
Inc.
.........................
36,165
1,446,238
Tempur
Sealy
International,
Inc.
...............
26,382
709,412
Toll
Brothers,
Inc.
.........................
16,913
728,612
Whirlpool
Corp.
..........................
8,374
1,157,622
16,875,275
a
Interactive
Media
&
Services
 — 
0
.1
%
TripAdvisor,
Inc.
(a)
........................
16,035
378,747
a
Internet
&
Direct
Marketing
Retail
 — 
12
.9
%
Amazon.com,
Inc.
(a)
.......................
816,081
83,599,337
eBay,
Inc.
..............................
86,327
3,439,268
Etsy,
Inc.
(a)
.............................
19,855
1,864,583
iShares
®
U.S.
Consumer
Discretionary
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
47
Schedule
of
Investments
Security
Shares
Value
a
Internet
&
Direct
Marketing
Retail
(continued)
Wayfair,
Inc.
,
Class
A
(a)
.....................
12,242
$
464,217
89,367,405
a
Leisure
Products
 — 
0
.6
%
Hasbro,
Inc.
............................
20,629
1,346,042
Mattel,
Inc.
(a)
............................
55,191
1,046,421
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
............
47,421
398,337
Polaris,
Inc.
.............................
8,870
901,192
YETI
Holdings,
Inc.
(a)
(b)
.....................
13,542
434,427
4,126,419
a
Media
 — 
2
.4
%
Fox
Corp.
,
Class
A
,
NVS
....................
47,277
1,364,887
Fox
Corp.
,
Class
B
........................
22,363
608,274
Interpublic
Group
of
Companies,
Inc.
(The)
.......
61,736
1,839,115
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
(b)
...
11,783
500,070
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
,
NVS
(a)
24,298
1,025,133
New
York
Times
Co.
(The)
,
Class
A
.............
25,817
747,660
News
Corp.
,
Class
A
,
NVS
..................
60,596
1,022,255
News
Corp.
,
Class
B
......................
18,964
324,853
Nexstar
Media
Group,
Inc.
...................
5,855
1,002,962
Omnicom
Group,
Inc.
......................
31,950
2,324,362
Paramount
Global
,
Class
A
..................
1,440
30,355
Paramount
Global
,
Class
B
,
NVS
..............
90,558
1,659,023
Sirius
XM
Holdings,
Inc.
(b)
...................
110,183
665,505
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
68,917
3,669,141
16,783,595
a
Multiline
Retail
 — 
4
.1
%
Dollar
General
Corp.
......................
35,937
9,165,732
Dollar
Tree,
Inc.
(a)
.........................
33,370
5,289,145
Kohl's
Corp.
............................
20,092
601,755
Macy's,
Inc.
............................
42,310
882,163
Nordstrom,
Inc.
..........................
17,564
357,252
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
...........
9,797
548,632
Target
Corp.
............................
72,796
11,956,743
28,801,422
a
Personal
Products
 — 
1
.1
%
Coty,
Inc.
,
Class
A
(a)
.......................
54,435
365,259
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
36,066
7,230,872
7,596,131
a
Road
&
Rail
 — 
1
.6
%
AMERCO
..............................
1,412
812,168
Avis
Budget
Group,
Inc.
(a)
...................
4,670
1,104,268
Hertz
Global
Holdings,
Inc.
(a)
.................
31,982
588,469
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
48,718
713,231
Uber
Technologies,
Inc.
(a)
...................
296,973
7,890,573
11,108,709
a
Specialty
Retail
 — 
15
.9
%
Advance
Auto
Parts,
Inc.
....................
9,588
1,820,953
AutoNation,
Inc.
(a)
(b)
.......................
5,977
635,415
AutoZone,
Inc.
(a)
.........................
3,056
7,740,481
Bath
&
Body
Works,
Inc.
....................
35,923
1,199,110
Best
Buy
Co.,
Inc.
........................
31,564
2,159,293
Burlington
Stores,
Inc.
(a)
(b)
...................
10,339
1,478,063
CarMax,
Inc.
(a)
...........................
25,186
1,586,970
Carvana
Co.
,
Class
A
(a)
.....................
16,376
221,567
Dick's
Sporting
Goods,
Inc.
..................
8,543
971,852
Five
Below,
Inc.
(a)
(b)
........................
8,570
1,254,220
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
..........
16,205
1,188,961
GameStop
Corp.
,
Class
A
(a)
(b)
.................
42,150
1,193,267
Gap,
Inc.
(The)
..........................
31,052
349,956
Home
Depot,
Inc.
(The)
....................
104,130
30,836,017
Security
Shares
Value
a
Specialty
Retail
(continued)
Leslie's,
Inc.
(a)
...........................
24,870
$
349,175
Lithia
Motors,
Inc.
........................
4,257
843,525
Lowe's
Companies,
Inc.
....................
100,514
19,595,204
O'Reilly
Automotive,
Inc.
(a)
...................
9,854
8,249,473
Penske
Automotive
Group,
Inc.
...............
4,215
470,478
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
......
12,634
133,036
RH
(a)
(b)
................................
3,105
788,453
Ross
Stores,
Inc.
.........................
54,215
5,187,833
TJX
Companies,
Inc.
(The)
..................
184,544
13,305,622
Tractor
Supply
Co.
........................
17,564
3,860,040
Ulta
Beauty,
Inc.
(a)
........................
8,071
3,384,735
Victoria's
Secret
&
Co.
(a)
(b)
...................
12,983
488,161
Williams-Sonoma,
Inc.
.....................
10,722
1,327,705
110,619,565
a
Textiles,
Apparel
&
Luxury
Goods
 — 
4
.7
%
Capri
Holdings
Ltd.
(a)
......................
21,130
965,218
Carter's,
Inc.
............................
5,984
406,134
Columbia
Sportswear
Co.
...................
5,654
421,223
Deckers
Outdoor
Corp.
(a)
(b)
...................
4,134
1,446,611
Hanesbrands,
Inc.
........................
54,718
373,177
Lululemon
Athletica,
Inc.
(a)
...................
17,541
5,771,691
Nike,
Inc.
,
Class
B
........................
192,611
17,851,187
PVH
Corp.
.............................
10,544
541,118
Ralph
Lauren
Corp.
,
Class
A
.................
6,644
615,832
Skechers
USA,
Inc.
,
Class
A
(a)
................
21,005
723,202
Tapestry,
Inc.
............................
39,549
1,252,912
Under
Armour,
Inc.
,
Class
A
(a)
.................
29,582
220,386
Under
Armour,
Inc.
,
Class
C
,
NVS
(a)
............
31,386
205,892
VF
Corp.
..............................
54,894
1,550,756
32,345,339
a
Trading
Companies
&
Distributors
 — 
0
.1
%
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
.............
6,986
809,468
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
890,259,975
)
................................
693,931,551
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
16,577,654
16,574,338
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
1,238,240
1,238,240
a
Total
Short-Term
Securities — 2.6%
(Cost:
$
17,810,544
)
.................................
17,812,578
Total
Investments
—
102.4%
(Cost:
$
908,070,519
)
................................
711,744,129
Liabilities
in
Excess
of
Other
Assets
—
(
2
.4
)
%
...............
(
16,474,999
)
Net
Assets
—
100.0%
.................................
$
695,269,130
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Consumer
Discretionary
ETF
48
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
26,606,180
‌
$
—
‌
$
(
10,043,455
)
(a)
$
18,541
‌
$
(
6,928
)
$
16,574,338
‌
16,577,654
‌
$
172,166
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
620,000
‌
618,240
(a)
—
‌
—
‌
—
‌
1,238,240
‌
1,238,240
‌
8,993
‌
—
‌
$
18,541
‌
$
(
6,928
)
$
17,812,578
‌
$
181,159
‌
$
—
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
..................................................................
3
12/16/22
$
582
$
(
3,896
)
S&P
Consumer
Discretionary
Select
Sector
E-Mini
Index
..........................................
4
12/16/22
584
(
27,627
)
$
(
31,523
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
31,523
$
—
$
—
$
—
$
31,523
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
68,341
)
$
—
$
—
$
—
$
(
68,341
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
10,487
$
—
$
—
$
—
$
10,487
iShares
®
U.S.
Consumer
Discretionary
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
49
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
954,760
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
693,931,551
‌
$
—
‌
$
—
‌
$
693,931,551
‌
Short-Term
Securities
Money
Market
Funds
......................................
17,812,578
‌
—
‌
—
‌
17,812,578
‌
$
711,744,129
‌
$
—
‌
$
—
‌
$
711,744,129
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
31,523
)
$
—
‌
$
—
‌
$
(
31,523
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Consumer
Staples
ETF
(Percentages
shown
are
based
on
Net
Assets)
50
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Beverages
 — 29.4%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)
.......
8,131
$
3,035,221
Brown-Forman
Corp.,
Class
A
................
39,273
2,700,804
Brown-Forman
Corp.,
Class
B,
NVS
............
158,091
10,750,188
Coca-Cola
Co.
(The)
......................
3,096,054
185,298,832
Constellation
Brands,
Inc.,
Class
A
.............
130,558
32,258,271
Keurig
Dr
Pepper,
Inc.
.....................
738,883
28,698,216
Molson
Coors
Beverage
Co.,
Class
B
...........
150,751
7,602,373
Monster
Beverage
Corp.
(a)
...................
320,341
30,022,358
PepsiCo,
Inc.
...........................
1,096,274
199,061,433
499,427,696
a
Chemicals
 — 2.4%
Corteva,
Inc.
............................
624,299
40,791,696
a
Food
&
Staples
Retailing
 — 6.6%
Albertsons
Companies,
Inc.,
Class
A
............
145,098
2,975,960
Casey's
General
Stores,
Inc.
.................
31,898
7,422,984
Grocery
Outlet
Holding
Corp.
(a)
................
75,729
2,617,952
Kroger
Co.
(The)
.........................
564,912
26,714,689
Performance
Food
Group
Co.
(a)
...............
130,961
6,815,210
Sysco
Corp.
............................
437,688
37,886,273
U.S.
Foods
Holding
Corp.
(a)
..................
173,819
5,172,853
Walgreens
Boots
Alliance,
Inc.
................
618,124
22,561,526
112,167,447
a
Food
Products
 — 20.7%
Archer-Daniels-Midland
Co.
..................
482,686
46,810,888
Bunge
Ltd.
.............................
120,690
11,912,103
Campbell
Soup
Co.
(b)
......................
166,960
8,833,854
Conagra
Brands,
Inc.
......................
405,470
14,880,749
Darling
Ingredients,
Inc.
(a)
...................
137,822
10,816,271
Flowers
Foods,
Inc.
.......................
161,538
4,637,756
Freshpet,
Inc.
(a)(b)
.........................
39,029
2,300,759
General
Mills,
Inc.
........................
513,520
41,892,962
Hershey
Co.
(The)
........................
125,748
30,024,850
Hormel
Foods
Corp.
.......................
246,948
11,470,735
Ingredion,
Inc.
...........................
56,460
5,031,715
JM
Smucker
Co.
(The)
.....................
88,787
13,376,649
Kellogg
Co.
.............................
217,430
16,702,973
Kraft
Heinz
Co.
(The)
......................
602,137
23,164,210
Lamb
Weston
Holdings,
Inc.
.................
124,154
10,704,558
McCormick
&
Co.,
Inc.,
NVS
.................
215,937
16,981,286
Mondelez
International,
Inc.,
Class
A
............
956,946
58,833,040
Pilgrim's
Pride
Corp.
(a)
.....................
40,647
936,913
Post
Holdings,
Inc.
(a)
.......................
47,148
4,263,122
Seaboard
Corp.
..........................
217
812,964
Security
Shares
Value
a
Food
Products
(continued)
Tyson
Foods,
Inc.,
Class
A
..................
245,396
$
16,772,817
351,161,174
a
Health
Care
Providers
&
Services
 — 8.3%
AmerisourceBergen
Corp.
...................
127,167
19,993,196
CVS
Health
Corp.
........................
754,918
71,490,735
McKesson
Corp.
.........................
125,066
48,696,948
140,180,879
a
Household
Products
 — 22.0%
Church
&
Dwight
Co.,
Inc.
...................
209,168
15,505,624
Clorox
Co.
(The)
.........................
106,150
15,502,146
Colgate-Palmolive
Co.
.....................
655,900
48,431,656
Kimberly-Clark
Corp.
......................
290,018
36,095,640
Procter
&
Gamble
Co.
(The)
.................
1,893,071
254,939,872
Reynolds
Consumer
Products,
Inc.
.............
46,662
1,425,057
Spectrum
Brands
Holdings,
Inc.
...............
34,127
1,574,620
373,474,615
a
Personal
Products
 — 0.0%
Olaplex
Holdings,
Inc.
(a)
....................
106,827
470,039
a
Tobacco
 — 10.2%
Altria
Group,
Inc.
.........................
1,279,514
59,203,113
Philip
Morris
International,
Inc.
................
1,232,096
113,168,017
172,371,130
a
Total
Long-Term
Investments — 99.6%
(Cost:
$1,678,205,183)
...............................
1,690,044,676
a
Short-Term
Securities
Money
Market
Funds
 — 
0.7%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(c)(d)(e)
......................
8,403,495
8,401,815
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
(c)(d)
............................
2,885,013
2,885,013
a
Total
Short-Term
Securities — 0.7%
(Cost:
$11,287,451)
.................................
11,286,828
Total
Investments
—
100.3%
(Cost:
$1,689,492,634)
...............................
1,701,331,504
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
...............
(4,431,222)
Net
Assets
—
100.0%
.................................
$
1,696,900,282
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
iShares
®
U.S.
Consumer
Staples
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
51
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,356,847
‌
$
4,039,720
(a)
$
—
‌
$
7,154
‌
$
(1,906
)
$
8,401,815
‌
8,403,495
‌
$
41,593
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
2,290,000
‌
595,013
(a)
—
‌
—
‌
—
‌
2,885,013
‌
2,885,013
‌
18,535
‌
—
‌
$
7,154
‌
$
(1,906
)
$
11,286,828
‌
$
60,128
‌
$
—
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Consumer
Staples
Index
............................................................
89
12/16/22
$
6,533
$
343,163
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
343,163
$
—
$
—
$
—
$
343,163
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(353,446
)
$
—
$
—
$
—
$
(353,446
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
371,646
$
—
$
—
$
—
$
371,646
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Consumer
Staples
ETF
52
2022
iShares
Semi-Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
5,216,300
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,690,044,676
‌
$
—
‌
$
—
‌
$
1,690,044,676
‌
Short-Term
Securities
Money
Market
Funds
......................................
11,286,828
‌
—
‌
—
‌
11,286,828
‌
$
1,701,331,504
‌
$
—
‌
$
—
‌
$
1,701,331,504
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
343,163
‌
$
—
‌
$
—
‌
$
343,163
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Energy
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
53
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Electrical
Equipment
 — 0.6%
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
..........
304,326
$
4,254,478
Plug
Power,
Inc.
(a)(b)
.......................
632,534
10,107,893
14,362,371
a
Energy
Equipment
&
Services
 — 7.5%
Baker
Hughes
Co.,
Class
A
..................
1,159,010
32,058,217
Halliburton
Co.
..........................
1,094,498
39,861,617
NOV,
Inc.
..............................
476,138
10,665,491
Schlumberger
Ltd.
(b)
.......................
1,803,371
93,829,393
176,414,718
a
Oil,
Gas
&
Consumable
Fuels
 — 88.8%
Antero
Midstream
Corp.
....................
409,015
4,356,010
Antero
Resources
Corp.
(a)(b)
..................
352,550
12,924,483
APA
Corp.
.............................
396,335
18,017,389
Cheniere
Energy,
Inc.
......................
303,218
53,490,687
Chesapeake
Energy
Corp.
..................
147,563
15,091,268
Chevron
Corp.
...........................
2,182,864
394,880,098
ConocoPhillips
..........................
1,453,077
183,218,479
Continental
Resources,
Inc.
..................
43,852
3,243,732
Coterra
Energy,
Inc.
.......................
955,920
29,757,790
Devon
Energy
Corp.
.......................
804,051
62,193,345
Diamondback
Energy,
Inc.
...................
210,785
33,116,431
DT
Midstream,
Inc.
........................
117,890
7,038,033
Enviva,
Inc.
.............................
37,231
2,227,903
EOG
Resources,
Inc.
......................
791,645
108,075,375
EQT
Corp.
.............................
448,838
18,779,382
Exxon
Mobil
Corp.
........................
4,609,476
510,776,036
Hess
Corp.
.............................
343,026
48,394,108
HF
Sinclair
Corp.
.........................
177,661
10,867,523
Kinder
Morgan,
Inc.,
Class
P
.................
2,421,082
43,870,006
Marathon
Oil
Corp.
........................
822,696
25,051,093
Marathon
Petroleum
Corp.
..................
624,267
70,929,217
New
Fortress
Energy,
Inc.,
Class
A
(b)
............
58,612
3,227,763
Occidental
Petroleum
Corp.
..................
1,050,258
76,248,731
ONEOK,
Inc.
............................
541,497
32,121,602
Ovintiv,
Inc.
.............................
311,273
15,765,978
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
PDC
Energy,
Inc.
.........................
115,096
$
8,303,025
Phillips
66
..............................
586,238
61,138,761
Pioneer
Natural
Resources
Co.
...............
308,056
78,988,639
Range
Resources
Corp.
....................
311,669
8,876,333
Southwestern
Energy
Co.
(a)(b)
.................
1,353,853
9,382,201
Targa
Resources
Corp.
.....................
275,243
18,818,364
Texas
Pacific
Land
Corp.
....................
6,977
16,074,101
Valero
Energy
Corp.
.......................
479,087
60,149,373
Williams
Companies,
Inc.
(The)
...............
1,483,867
48,566,967
2,093,960,226
a
Semiconductors
&
Semiconductor
Equipment
 — 2.9%
Enphase
Energy,
Inc.
(a)
.....................
159,425
48,943,475
First
Solar,
Inc.
(a)
.........................
129,420
18,839,669
67,783,144
a
Total
Long-Term
Investments — 99.8%
(Cost:
$1,603,311,353)
...............................
2,352,520,459
a
Short-Term
Securities
Money
Market
Funds
 — 
0.7%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(c)(d)(e)
......................
13,225,762
13,223,116
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
(c)(d)
............................
3,180,247
3,180,247
a
Total
Short-Term
Securities — 0.7%
(Cost:
$16,402,110)
.................................
16,403,363
Total
Investments
—
100.5%
(Cost:
$1,619,713,463)
...............................
2,368,923,822
Liabilities
in
Excess
of
Other
Assets
—
(0.5)%
...............
(12,206,575)
Net
Assets
—
100.0%
.................................
$
2,356,717,247
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
31,791,528
$
—
$
(18,588,197
)
(a)
$
25,977
$
(6,192
)
$
13,223,116
13,225,762
$
99,081
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
7,030,000
—
(3,849,753
)
(a)
—
—
3,180,247
3,180,247
37,258
—
$
25,977
$
(6,192
)
$
16,403,363
$
136,339
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Energy
ETF
54
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
..........................................................
42
12/16/22
$
3,956
$
539,933
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
539,933
$
—
$
—
$
—
$
539,933
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
2,093,404
$
—
$
—
$
—
$
2,093,404
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
671,566
$
—
$
—
$
—
$
671,566
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
4,639,855
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Energy
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
55
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,352,520,459
‌
$
—
‌
$
—
‌
$
2,352,520,459
‌
Short-Term
Securities
Money
Market
Funds
......................................
16,403,363
‌
—
‌
—
‌
16,403,363
‌
$
2,368,923,822
‌
$
—
‌
$
—
‌
$
2,368,923,822
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
539,933
‌
$
—
‌
$
—
‌
$
539,933
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Financial
Services
ETF
(Percentages
shown
are
based
on
Net
Assets)
56
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Banks
 — 
40
.4
%
Bank
of
America
Corp.
.....................
2,849,930
$
102,711,477
Bank
OZK
.............................
45,208
1,943,040
BOK
Financial
Corp.
.......................
11,935
1,315,118
Citigroup,
Inc.
...........................
789,527
36,207,708
Citizens
Financial
Group,
Inc.
................
202,260
8,272,434
Comerica,
Inc.
...........................
53,285
3,756,593
Commerce
Bancshares,
Inc.
.................
44,436
3,147,846
Cullen/Frost
Bankers,
Inc.
...................
26,120
4,049,906
East
West
Bancorp,
Inc.
....................
57,398
4,107,975
Fifth
Third
Bancorp
.......................
279,735
9,983,742
First
Citizens
BancShares,
Inc.
,
Class
A
..........
5,376
4,419,717
First
Financial
Bankshares,
Inc.
...............
52,805
2,032,464
First
Horizon
Corp.
........................
218,573
5,357,224
First
Republic
Bank
.......................
74,519
8,949,732
FNB
Corp.
.............................
143,595
2,074,948
Glacier
Bancorp,
Inc.
......................
45,096
2,583,099
Home
BancShares,
Inc.
....................
77,522
1,976,036
Huntington
Bancshares,
Inc.
.................
588,424
8,932,276
JPMorgan
Chase
&
Co.
....................
1,195,542
150,494,827
KeyCorp
...............................
379,889
6,788,616
M&T
Bank
Corp.
.........................
71,591
12,053,777
Pinnacle
Financial
Partners,
Inc.
...............
31,126
2,583,147
PNC
Financial
Services
Group,
Inc.
(The)
........
167,193
27,056,843
Popular,
Inc.
............................
30,539
2,159,718
Prosperity
Bancshares,
Inc.
..................
37,152
2,658,969
Regions
Financial
Corp.
....................
381,234
8,368,086
Signature
Bank
..........................
25,632
4,063,441
SouthState
Corp.
.........................
30,816
2,786,691
SVB
Financial
Group
(a)
.....................
24,085
5,562,672
Synovus
Financial
Corp.
....................
59,212
2,359,598
Truist
Financial
Corp.
......................
540,723
24,218,983
U.S.
Bancorp
...........................
551,188
23,397,931
UMB
Financial
Corp.
......................
17,802
1,481,482
Umpqua
Holdings
Corp.
....................
88,728
1,763,913
United
Bankshares,
Inc.
....................
54,818
2,321,542
Valley
National
Bancorp
....................
171,881
2,040,227
Webster
Financial
Corp.
....................
71,621
3,886,155
Wells
Fargo
&
Co.
........................
1,546,290
71,113,877
Western
Alliance
Bancorp
...................
44,104
2,962,466
Wintrust
Financial
Corp.
....................
24,758
2,317,844
Zions
Bancorp
NA
........................
61,291
3,183,455
577,445,595
a
Capital
Markets
 — 
34
.0
%
Affiliated
Managers
Group,
Inc.
...............
15,540
1,929,446
Ameriprise
Financial,
Inc.
...................
44,109
13,634,974
Ares
Management
Corp.
,
Class
A
..............
63,044
4,780,627
Bank
of
New
York
Mellon
Corp.
(The)
...........
299,786
12,623,988
BlackRock,
Inc.
(b)
.........................
61,466
39,701,504
Blackstone,
Inc.
,
NVS
......................
286,047
26,070,324
Blue
Owl
Capital,
Inc.
,
Class
A
................
137,892
1,381,678
Carlyle
Group,
Inc.
(The)
....................
88,305
2,497,265
Cboe
Global
Markets,
Inc.
...................
43,202
5,378,649
Charles
Schwab
Corp.
(The)
.................
622,482
49,593,141
CME
Group,
Inc.
,
Class
A
...................
146,528
25,393,302
Coinbase
Global,
Inc.
,
Class
A
(a)
(c)
..............
64,105
4,246,956
FactSet
Research
Systems,
Inc.
(c)
..............
15,502
6,595,946
Federated
Hermes,
Inc.
,
Class
B
..............
34,691
1,205,512
Franklin
Resources,
Inc.
(c)
...................
115,705
2,713,282
Goldman
Sachs
Group,
Inc.
(The)
.............
139,159
47,941,667
Houlihan
Lokey,
Inc.
,
Class
A
.................
20,330
1,815,876
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
41,891
3,357,564
Security
Shares
Value
a
Capital
Markets
(continued)
Intercontinental
Exchange,
Inc.
...............
227,663
$
21,757,753
Invesco
Ltd.
............................
185,290
2,838,643
Janus
Henderson
Group
PLC
................
54,269
1,235,705
Jefferies
Financial
Group,
Inc.
................
75,721
2,605,560
KKR
&
Co.,
Inc.
..........................
234,652
11,411,127
Lazard
Ltd.
,
Class
A
.......................
46,172
1,741,146
LPL
Financial
Holdings,
Inc.
..................
32,493
8,306,835
MarketAxess
Holdings,
Inc.
..................
15,331
3,741,377
Moody's
Corp.
...........................
64,334
17,040,147
Morgan
Stanley
..........................
545,913
44,857,671
Morningstar,
Inc.
.........................
10,203
2,368,933
MSCI,
Inc.
,
Class
A
.......................
32,818
15,387,047
Nasdaq,
Inc.
............................
138,286
8,606,921
Northern
Trust
Corp.
.......................
85,031
7,172,365
Raymond
James
Financial,
Inc.
...............
79,186
9,355,034
Robinhood
Markets,
Inc.
,
Class
A
(a)
(c)
............
205,041
2,394,879
S&P
Global,
Inc.
.........................
138,891
44,618,734
SEI
Investments
Co.
.......................
41,909
2,275,659
State
Street
Corp.
........................
149,865
11,090,010
Stifel
Financial
Corp.
......................
43,232
2,674,764
T
Rowe
Price
Group,
Inc.
...................
92,007
9,767,463
TPG,
Inc.
,
Class
A
(c)
.......................
20,929
643,567
Tradeweb
Markets,
Inc.
,
Class
A
...............
43,781
2,411,457
Virtu
Financial,
Inc.
,
Class
A
..................
39,243
878,258
486,042,756
a
Consumer
Finance
 — 
5
.8
%
Ally
Financial,
Inc.
........................
125,670
3,463,465
American
Express
Co.
.....................
244,517
36,298,549
Capital
One
Financial
Corp.
..................
156,469
16,588,843
Credit
Acceptance
Corp.
(a)
(c)
..................
2,487
1,157,997
Discover
Financial
Services
..................
111,268
11,623,055
FirstCash
Holdings,
Inc.
....................
15,602
1,536,017
OneMain
Holdings,
Inc.
.....................
50,624
1,952,062
SLM
Corp.
.............................
102,904
1,707,177
SoFi
Technologies,
Inc.
(a)
(c)
...................
329,894
1,794,623
Synchrony
Financial
.......................
196,230
6,977,939
83,099,727
a
Diversified
Financial
Services
 — 
1
.0
%
Apollo
Global
Management,
Inc.
...............
176,907
9,793,571
Equitable
Holdings,
Inc.
....................
142,288
4,356,859
14,150,430
a
Insurance
 — 
0
.3
%
Fidelity
National
Financial,
Inc.
................
112,549
4,432,180
a
IT
Services
 — 
17
.6
%
Mastercard,
Inc.
,
Class
A
....................
347,839
114,153,803
Visa,
Inc.
,
Class
A
........................
666,558
138,084,155
252,237,958
a
Thrifts
&
Mortgage
Finance
 — 
0
.5
%
Essent
Group
Ltd.
........................
43,866
1,736,216
MGIC
Investment
Corp.
....................
123,263
1,682,540
New
York
Community
Bancorp,
Inc.
............
190,532
1,773,853
Radian
Group,
Inc.
........................
66,153
1,380,613
Rocket
Companies,
Inc.
,
Class
A
(c)
.............
46,461
320,581
TFS
Financial
Corp.
.......................
19,465
273,483
UWM
Holdings
Corp.
,
Class
A
(c)
...............
37,909
124,342
7,291,628
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
1,621,493,056
)
...............................
1,424,700,274
iShares
®
U.S.
Financial
Services
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
57
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(b)
(d)
(e)
.....................
8,789,694
$
8,787,937
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(b)
(d)
............................
3,539,845
3,539,845
a
Total
Short-Term
Securities — 0.9%
(Cost:
$
12,328,045
)
.................................
12,327,782
Total
Investments
—
100.5%
(Cost:
$
1,633,821,101
)
...............................
1,437,028,056
Liabilities
in
Excess
of
Other
Assets
—
(
0
.5
)
%
...............
(
7,395,788
)
Net
Assets
—
100.0%
.................................
$
1,429,632,268
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
6,001,069
$
2,790,317
(a)
$
—
$
(
1,584
)
$
(
1,865
)
$
8,787,937
8,789,694
$
88,524
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
1,879,000
1,660,845
(a)
—
—
—
3,539,845
3,539,845
24,217
—
BlackRock,
Inc.
...
50,069,976
6,933,591
(
18,034,846
)
753,477
(
20,694
)
39,701,504
61,466
612,446
—
$
751,893
$
(
22,559
)
$
52,029,286
$
725,187
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financials
Select
Sector
Index
........................................................
45
12/16/22
$
4,714
$
173,559
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
173,559
$
—
$
—
$
—
$
173,559
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Financial
Services
ETF
58
2022
iShares
Semi-Annual
Report
to
Shareholders
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
566,080
)
$
—
$
—
$
—
$
(
566,080
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
549,087
$
—
$
—
$
—
$
549,087
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
5,110,506
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,424,700,274
‌
$
—
‌
$
—
‌
$
1,424,700,274
‌
Short-Term
Securities
Money
Market
Funds
......................................
12,327,782
‌
—
‌
—
‌
12,327,782
‌
$
1,437,028,056
‌
$
—
‌
$
—
‌
$
1,437,028,056
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
173,559
‌
$
—
‌
$
—
‌
$
173,559
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Financials
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
59
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Banks
 — 
32
.4
%
Bank
of
America
Corp.
.....................
3,103,789
$
111,860,556
Bank
of
Hawaii
Corp.
......................
21,138
1,605,431
Bank
OZK
.............................
59,769
2,568,872
BOK
Financial
Corp.
.......................
15,710
1,731,085
Citigroup,
Inc.
...........................
1,035,963
47,509,263
Citizens
Financial
Group,
Inc.
................
261,055
10,677,150
Comerica,
Inc.
...........................
69,830
4,923,015
Commerce
Bancshares,
Inc.
.................
58,547
4,147,469
Cullen/Frost
Bankers,
Inc.
...................
31,179
4,834,304
East
West
Bancorp,
Inc.
....................
75,598
5,410,549
Fifth
Third
Bancorp
.......................
364,292
13,001,581
First
Citizens
BancShares,
Inc.
,
Class
A
(a)
........
6,513
5,354,468
First
Hawaiian,
Inc.
.......................
68,275
1,746,475
First
Horizon
Corp.
........................
282,883
6,933,462
First
Republic
Bank
.......................
97,219
11,676,002
FNB
Corp.
.............................
186,532
2,695,387
Huntington
Bancshares,
Inc.
.................
767,298
11,647,584
JPMorgan
Chase
&
Co.
....................
1,168,172
147,049,491
KeyCorp
...............................
496,779
8,877,441
M&T
Bank
Corp.
.........................
93,520
15,745,962
PacWest
Bancorp
........................
62,120
1,544,303
Pinnacle
Financial
Partners,
Inc.
...............
40,061
3,324,662
PNC
Financial
Services
Group,
Inc.
(The)
........
220,913
35,750,351
Popular,
Inc.
............................
39,289
2,778,518
Prosperity
Bancshares,
Inc.
..................
46,803
3,349,691
Regions
Financial
Corp.
....................
499,740
10,969,293
Signature
Bank
..........................
33,121
5,250,672
SVB
Financial
Group
(b)
.....................
31,380
7,247,525
Synovus
Financial
Corp.
....................
76,958
3,066,776
Truist
Financial
Corp.
......................
711,374
31,862,441
U.S.
Bancorp
...........................
718,103
30,483,472
Umpqua
Holdings
Corp.
....................
115,489
2,295,921
Webster
Financial
Corp.
....................
93,350
5,065,171
Wells
Fargo
&
Co.
........................
1,938,049
89,130,874
Western
Alliance
Bancorp
...................
56,517
3,796,247
Wintrust
Financial
Corp.
....................
32,025
2,998,181
Zions
Bancorp
NA
........................
79,613
4,135,099
663,044,744
a
Capital
Markets
 — 
30
.5
%
Affiliated
Managers
Group,
Inc.
...............
20,278
2,517,716
Ameriprise
Financial,
Inc.
...................
57,773
17,858,790
Ares
Management
Corp.
,
Class
A
..............
81,091
6,149,131
Bank
of
New
York
Mellon
Corp.
(The)
...........
392,796
16,540,640
BlackRock,
Inc.
(c)
.........................
80,305
51,869,803
Blackstone,
Inc.
,
NVS
......................
374,543
34,135,849
Blue
Owl
Capital,
Inc.
,
Class
A
................
222,216
2,226,604
Carlyle
Group,
Inc.
(The)
....................
110,672
3,129,804
Cboe
Global
Markets,
Inc.
...................
56,599
7,046,575
Charles
Schwab
Corp.
(The)
.................
813,457
64,808,119
CME
Group,
Inc.
,
Class
A
...................
191,917
33,259,216
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
84,402
5,591,632
Evercore,
Inc.
,
Class
A
.....................
19,488
2,048,189
FactSet
Research
Systems,
Inc.
...............
20,290
8,633,192
Franklin
Resources,
Inc.
....................
152,538
3,577,016
Goldman
Sachs
Group,
Inc.
(The)
.............
178,025
61,331,393
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
49,637
3,978,406
Intercontinental
Exchange,
Inc.
...............
295,281
28,220,005
Invesco
Ltd.
............................
199,608
3,057,995
Janus
Henderson
Group
PLC
................
72,700
1,655,379
Jefferies
Financial
Group,
Inc.
................
108,701
3,740,401
KKR
&
Co.,
Inc.
..........................
305,822
14,872,124
Security
Shares
Value
a
Capital
Markets
(continued)
Lazard
Ltd.
,
Class
A
.......................
47,771
$
1,801,444
LPL
Financial
Holdings,
Inc.
..................
42,559
10,880,208
MarketAxess
Holdings,
Inc.
..................
19,856
4,845,658
Moody's
Corp.
(a)
..........................
85,511
22,649,299
Morgan
Stanley
..........................
670,223
55,072,224
Morningstar,
Inc.
(a)
........................
13,292
3,086,137
MSCI,
Inc.
,
Class
A
.......................
42,149
19,761,980
Nasdaq,
Inc.
............................
183,832
11,441,704
Northern
Trust
Corp.
.......................
109,896
9,269,728
Raymond
James
Financial,
Inc.
...............
104,080
12,296,011
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
............
300,423
3,508,941
S&P
Global,
Inc.
.........................
178,351
57,295,259
SEI
Investments
Co.
.......................
54,970
2,984,871
State
Street
Corp.
........................
196,173
14,516,802
Stifel
Financial
Corp.
......................
55,224
3,416,709
T
Rowe
Price
Group,
Inc.
...................
119,662
12,703,318
Tradeweb
Markets,
Inc.
,
Class
A
...............
57,564
3,170,625
Virtu
Financial,
Inc.
,
Class
A
..................
52,067
1,165,259
626,114,156
a
Consumer
Finance
 — 
1
.4
%
Ally
Financial,
Inc.
........................
164,791
4,541,640
Credit
Acceptance
Corp.
(a)
(b)
..................
3,585
1,669,248
Discover
Financial
Services
..................
145,903
15,241,027
OneMain
Holdings,
Inc.
.....................
62,086
2,394,036
SLM
Corp.
.............................
133,677
2,217,701
SoFi
Technologies,
Inc.
(a)
(b)
..................
424,983
2,311,908
Upstart
Holdings,
Inc.
(a)
(b)
....................
37,695
873,770
29,249,330
a
Diversified
Financial
Services
 — 
10
.8
%
Apollo
Global
Management,
Inc.
...............
245,550
13,593,648
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
(b)
...........
668,110
197,152,580
Equitable
Holdings,
Inc.
....................
200,014
6,124,428
Voya
Financial,
Inc.
.......................
52,027
3,556,566
220,427,222
a
Insurance
 — 
23
.3
%
Aflac,
Inc.
..............................
335,094
21,817,970
Allstate
Corp.
(The)
.......................
144,055
18,186,944
American
Financial
Group,
Inc.
...............
35,968
5,219,317
American
International
Group,
Inc.
.............
406,929
23,194,953
Aon
PLC
,
Class
A
........................
112,568
31,686,766
Arch
Capital
Group
Ltd.
(b)
...................
189,366
10,888,545
Arthur
J
Gallagher
&
Co.
....................
111,253
20,813,211
Assurant,
Inc.
...........................
28,442
3,864,130
Assured
Guaranty
Ltd.
.....................
31,786
1,881,413
Axis
Capital
Holdings
Ltd.
...................
41,591
2,273,780
Brighthouse
Financial,
Inc.
(a)
(b)
................
38,105
2,174,652
Brown
&
Brown,
Inc.
.......................
126,383
7,430,057
Chubb
Ltd.
.............................
222,409
47,793,470
Cincinnati
Financial
Corp.
...................
83,615
8,639,102
CNA
Financial
Corp.
.......................
14,582
608,069
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
13,402
3,444,448
Everest
Re
Group
Ltd.
.....................
20,804
6,712,619
Fidelity
National
Financial,
Inc.
................
140,994
5,552,344
First
American
Financial
Corp.
................
53,926
2,717,870
Globe
Life,
Inc.
..........................
47,804
5,522,318
Hanover
Insurance
Group,
Inc.
(The)
...........
18,920
2,771,591
Hartford
Financial
Services
Group,
Inc.
(The)
......
172,451
12,487,177
Kemper
Corp.
(a)
..........................
33,951
1,618,444
Lincoln
National
Corp.
.....................
90,699
4,885,955
Loews
Corp.
(a)
...........................
106,581
6,077,249
Markel
Corp.
(a)
(b)
..........................
7,142
8,613,966
Marsh
&
McLennan
Companies,
Inc.
............
268,232
43,316,786
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Financials
ETF
(Percentages
shown
are
based
on
Net
Assets)
60
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Insurance
(continued)
MetLife,
Inc.
............................
359,320
$
26,305,817
Old
Republic
International
Corp.
...............
151,150
3,508,192
Primerica,
Inc.
...........................
19,892
2,878,372
Principal
Financial
Group,
Inc.
................
131,873
11,621,968
Progressive
Corp.
(The)
....................
312,428
40,115,755
Prudential
Financial,
Inc.
....................
200,665
21,107,951
Reinsurance
Group
of
America,
Inc.
............
35,719
5,256,765
RenaissanceRe
Holdings
Ltd.
................
23,013
3,559,651
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(b)
.........
43,962
1,971,696
Travelers
Companies,
Inc.
(The)
...............
126,730
23,376,616
Unum
Group
............................
107,067
4,881,185
W
R
Berkley
Corp.
........................
110,060
8,186,263
White
Mountains
Insurance
Group
Ltd.
..........
1,507
2,134,138
Willis
Towers
Watson
PLC
...................
58,477
12,760,266
477,857,781
a
IT
Services
 — 
0
.4
%
Broadridge
Financial
Solutions,
Inc.
............
62,383
9,361,193
a
Mortgage
Real
Estate
Investment
 — 
0
.6
%
AGNC
Investment
Corp.
....................
279,190
2,294,942
Annaly
Capital
Management,
Inc.
..............
230,213
4,270,451
Rithm
Capital
Corp.
.......................
228,029
1,922,284
Starwood
Property
Trust,
Inc.
.................
156,127
3,225,584
11,713,261
a
Thrifts
&
Mortgage
Finance
 — 
0
.3
%
MGIC
Investment
Corp.
....................
161,278
2,201,445
New
York
Community
Bancorp,
Inc.
............
246,242
2,292,513
Security
Shares
Value
a
Thrifts
&
Mortgage
Finance
(continued)
Rocket
Companies,
Inc.
,
Class
A
(a)
.............
59,128
$
407,983
TFS
Financial
Corp.
.......................
27,399
384,956
UWM
Holdings
Corp.
,
Class
A
(a)
...............
47,664
156,338
5,443,235
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
2,200,043,116
)
...............................
2,043,210,922
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
23,756,866
23,752,114
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
3,973,185
3,973,185
a
Total
Short-Term
Securities — 1.4%
(Cost:
$
27,729,152
)
.................................
27,725,299
Total
Investments
—
101.1%
(Cost:
$
2,227,772,268
)
...............................
2,070,936,221
Liabilities
in
Excess
of
Other
Assets
—
(
1
.1
)
%
...............
(
21,932,076
)
Net
Assets
—
100.0%
.................................
$
2,049,004,145
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
4,990,720
$
18,764,853
(a)
$
—
$
1,844
$
(
5,303
)
$
23,752,114
23,756,866
$
130,762
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
4,063,000
—
(
89,815
)
(a)
—
—
3,973,185
3,973,185
41,767
—
BlackRock,
Inc.
..
48,395,209
10,364,049
(
8,347,623
)
(
574,858
)
2,033,026
51,869,803
80,305
756,536
—
$
(
573,014
)
$
2,027,723
$
79,595,102
$
929,065
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
U.S.
Financials
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
61
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
..........................................................
43
12/16/22
$
1,404
$
1,127
E-Mini
Financials
Select
Sector
Index
........................................................
40
12/16/22
4,191
197,854
$
198,981
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
198,981
$
—
$
—
$
—
$
198,981
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
891,260
)
$
—
$
—
$
—
$
(
891,260
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
606,979
$
—
$
—
$
—
$
606,979
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
7,117,860
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Financials
ETF
62
2022
iShares
Semi-Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,043,210,922
‌
$
—
‌
$
—
‌
$
2,043,210,922
‌
Short-Term
Securities
Money
Market
Funds
......................................
27,725,299
‌
—
‌
—
‌
27,725,299
‌
$
2,070,936,221
‌
$
—
‌
$
—
‌
$
2,070,936,221
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
198,981
‌
$
—
‌
$
—
‌
$
198,981
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Healthcare
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
63
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Biotechnology
 — 
17
.5
%
AbbVie,
Inc.
............................
1,114,573
$
163,173,487
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
76,048
15,761,708
Amgen,
Inc.
............................
336,750
91,040,363
Biogen,
Inc.
(a)
...........................
91,861
26,037,082
BioMarin
Pharmaceutical,
Inc.
(a)
...............
116,197
10,066,146
Exact
Sciences
Corp.
(a)
(b)
....................
109,951
3,824,096
Exelixis,
Inc.
(a)
...........................
198,936
3,298,359
Gilead
Sciences,
Inc.
......................
791,638
62,111,917
Horizon
Therapeutics
PLC
(a)
.................
141,430
8,813,918
Incyte
Corp.
(a)
...........................
114,909
8,542,335
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
................
89,147
3,940,297
Mirati
Therapeutics,
Inc.
(a)
(b)
..................
27,096
1,824,103
Moderna,
Inc.
(a)
(b)
.........................
213,059
32,029,159
Natera,
Inc.
(a)
...........................
54,317
2,550,726
Neurocrine
Biosciences,
Inc.
(a)
................
59,676
6,869,901
Novavax,
Inc.
(a)
(b)
.........................
49,135
1,094,236
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
65,363
48,940,546
Sarepta
Therapeutics,
Inc.
(a)
.................
52,983
6,041,122
Seagen,
Inc.
(a)
...........................
85,649
10,891,127
Ultragenyx
Pharmaceutical,
Inc.
(a)
..............
42,049
1,701,303
United
Therapeutics
Corp.
(a)
..................
28,077
6,472,591
Vertex
Pharmaceuticals,
Inc.
(a)
................
161,252
50,310,624
565,335,146
a
Chemicals
 — 
0
.1
%
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
........
550,177
1,501,983
a
Health
Care
Equipment
&
Supplies
 — 
18
.4
%
Abbott
Laboratories
.......................
1,081,399
106,993,617
ABIOMED,
Inc.
(a)
.........................
28,124
7,089,498
Align
Technology,
Inc.
(a)
(b)
....................
49,524
9,622,513
Baxter
International,
Inc.
....................
317,206
17,240,146
Becton
Dickinson
and
Co.
...................
179,051
42,250,664
Boston
Scientific
Corp.
(a)
....................
899,779
38,789,473
Cooper
Companies,
Inc.
(The)
................
30,590
8,363,000
Dentsply
Sirona,
Inc.
......................
134,856
4,156,262
Dexcom,
Inc.
(a)
..........................
246,787
29,806,934
Edwards
Lifesciences
Corp.
(a)
................
389,447
28,207,646
Enovis
Corp.
(a)
...........................
31,869
1,575,922
Envista
Holdings
Corp.
(a)
....................
102,471
3,382,568
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
..............
48,263
3,233,621
Hologic,
Inc.
(a)
...........................
154,876
10,500,593
ICU
Medical,
Inc.
(a)
(b)
.......................
12,779
1,896,531
IDEXX
Laboratories,
Inc.
(a)
...................
52,537
18,896,508
Insulet
Corp.
(a)
(b)
..........................
43,346
11,218,378
Integra
LifeSciences
Holdings
Corp.
(a)
(b)
..........
45,932
2,308,083
Intuitive
Surgical,
Inc.
(a)
.....................
225,658
55,617,927
Masimo
Corp.
(a)
..........................
29,982
3,945,631
Medtronic
PLC
..........................
842,904
73,619,235
Novocure
Ltd.
(a)
(b)
.........................
65,001
4,592,971
Penumbra,
Inc.
(a)
(b)
........................
22,442
3,848,130
QuidelOrtho
Corp.
(a)
.......................
31,078
2,791,426
ResMed,
Inc.
...........................
91,035
20,363,619
STERIS
PLC
(b)
..........................
62,872
10,850,450
Stryker
Corp.
...........................
221,558
50,789,956
Tandem
Diabetes
Care,
Inc.
(a)
(b)
...............
40,179
2,256,051
Teleflex,
Inc.
............................
29,535
6,337,030
Zimmer
Biomet
Holdings,
Inc.
................
132,186
14,983,283
595,527,666
a
Health
Care
Providers
&
Services
 — 
20
.7
%
Acadia
Healthcare
Co.,
Inc.
(a)
.................
56,066
4,558,166
agilon
health,
Inc.
(a)
(b)
......................
119,481
2,371,698
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Amedisys,
Inc.
(a)
.........................
20,269
$
1,978,052
Cardinal
Health,
Inc.
.......................
171,642
13,027,628
Centene
Corp.
(a)
.........................
358,280
30,500,376
Chemed
Corp.
...........................
9,188
4,289,602
Cigna
Corp.
............................
188,764
60,982,098
DaVita,
Inc.
(a)
(b)
..........................
35,619
2,600,543
Elevance
Health,
Inc.
......................
152,019
83,119,429
Encompass
Health
Corp.
...................
61,833
3,366,188
Enhabit,
Inc.
(a)
...........................
30,916
383,977
Guardant
Health,
Inc.
(a)
.....................
61,274
3,033,063
HCA
Healthcare,
Inc.
......................
138,120
30,036,956
Henry
Schein,
Inc.
(a)
.......................
85,003
5,819,305
Humana,
Inc.
...........................
79,713
44,486,231
Laboratory
Corp.
of
America
Holdings
...........
56,923
12,628,937
Molina
Healthcare,
Inc.
(a)
....................
36,085
12,949,463
Oak
Street
Health,
Inc.
(a)
(b)
...................
73,331
1,483,486
Premier,
Inc.
,
Class
A
......................
74,245
2,589,666
Quest
Diagnostics,
Inc.
.....................
73,651
10,579,966
Signify
Health,
Inc.
,
Class
A
(a)
.................
44,682
1,306,055
Tenet
Healthcare
Corp.
(a)
....................
66,923
2,968,704
UnitedHealth
Group,
Inc.
....................
589,888
327,476,323
Universal
Health
Services,
Inc.
,
Class
B
.........
40,164
4,653,803
667,189,715
a
Health
Care
Technology
 — 
0
.6
%
Certara,
Inc.
(a)
...........................
73,180
894,992
Doximity,
Inc.
,
Class
A
(a)
(b)
...................
68,736
1,819,442
Teladoc
Health,
Inc.
(a)
(b)
.....................
101,103
2,996,693
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
87,794
14,744,124
20,455,251
a
Life
Sciences
Tools
&
Services
 — 
11
.6
%
10X
Genomics,
Inc.
,
Class
A
(a)
................
58,186
1,581,495
Agilent
Technologies,
Inc.
...................
188,962
26,142,893
Avantor,
Inc.
(a)
...........................
383,717
7,739,572
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
13,467
4,736,479
Bio-Techne
Corp.
.........................
24,487
7,254,519
Bruker
Corp.
............................
68,506
4,236,411
Charles
River
Laboratories
International,
Inc.
(a)
.....
31,744
6,737,664
Danaher
Corp.
..........................
408,241
102,742,012
Illumina,
Inc.
(a)
(b)
..........................
99,050
22,664,621
IQVIA
Holdings,
Inc.
(a)
......................
116,898
24,510,004
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
.....
69,761
1,158,033
PerkinElmer,
Inc.
.........................
79,464
10,614,801
QIAGEN
NV
(a)
...........................
142,717
6,216,752
Repligen
Corp.
(a)
.........................
34,808
6,352,112
Sotera
Health
Co.
(a)
.......................
61,912
425,955
Syneos
Health,
Inc.
,
Class
A
(a)
................
64,583
3,253,691
Thermo
Fisher
Scientific,
Inc.
.................
246,755
126,824,667
West
Pharmaceutical
Services,
Inc.
............
46,652
10,734,625
373,926,306
a
Pharmaceuticals
 — 
30
.9
%
Bristol-Myers
Squibb
Co.
....................
1,343,094
104,049,492
Catalent,
Inc.
(a)
..........................
107,768
7,083,591
Elanco
Animal
Health,
Inc.
(a)
..................
279,905
3,691,947
Eli
Lilly
&
Co.
...........................
531,386
192,409,557
Jazz
Pharmaceuticals
PLC
(a)
.................
38,338
5,512,621
Johnson
&
Johnson
.......................
1,659,734
288,743,924
Merck
&
Co.,
Inc.
.........................
1,595,357
161,450,129
Organon
&
Co.
..........................
159,946
4,187,386
Perrigo
Co.
PLC
.........................
84,769
3,414,495
Pfizer,
Inc.
.............................
3,564,398
165,922,727
Royalty
Pharma
PLC
,
Class
A
................
231,143
9,781,972
Viatris,
Inc.
.............................
763,124
7,730,446
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Healthcare
ETF
(Percentages
shown
are
based
on
Net
Assets)
64
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Pharmaceuticals
(continued)
Zoetis,
Inc.
,
Class
A
.......................
296,917
$
44,769,145
998,747,432
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
2,907,538,537
)
...............................
3,222,683,499
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
59,517,999
59,506,096
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
4,759,406
4,759,406
a
Total
Short-Term
Securities — 2.0%
(Cost:
$
64,261,425
)
.................................
64,265,502
Total
Investments
—
101.8%
(Cost:
$
2,971,799,962
)
...............................
3,286,949,001
Liabilities
in
Excess
of
Other
Assets
—
(
1
.8
)
%
...............
(
57,188,524
)
Net
Assets
—
100.0%
.................................
$
3,229,760,477
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
40,415,625
‌
$
19,107,749
(a)
$
—
‌
$
(
5,791
)
$
(
11,487
)
$
59,506,096
‌
59,517,999
‌
$
77,116
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
2,957,000
‌
1,802,406
(a)
—
‌
—
‌
—
‌
4,759,406
‌
4,759,406
‌
37,810
‌
—
‌
$
(
5,791
)
$
(
11,487
)
$
64,265,502
‌
$
114,926
‌
$
—
‌
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
............................................................
51
12/16/22
$
6,860
$
280,526
iShares
®
U.S.
Healthcare
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
65
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
280,526
$
—
$
—
$
—
$
280,526
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
200,040
)
$
—
$
—
$
—
$
(
200,040
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
442,307
$
—
$
—
$
—
$
442,307
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
7,981,245
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,222,683,499
‌
$
—
‌
$
—
‌
$
3,222,683,499
‌
Short-Term
Securities
Money
Market
Funds
......................................
64,265,502
‌
—
‌
—
‌
64,265,502
‌
$
3,286,949,001
‌
$
—
‌
$
—
‌
$
3,286,949,001
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
280,526
‌
$
—
‌
$
—
‌
$
280,526
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
66
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
13
.6
%
Axon
Enterprise,
Inc.
(a)
(b)
....................
14,938
$
2,172,583
Boeing
Co.
(The)
(a)
........................
121,139
17,263,519
BWX
Technologies,
Inc.
....................
20,221
1,152,192
Curtiss-Wright
Corp.
.......................
8,426
1,414,135
General
Dynamics
Corp.
....................
53,771
13,431,996
HEICO
Corp.
...........................
9,952
1,618,593
HEICO
Corp.
,
Class
A
......................
17,488
2,226,223
Howmet
Aerospace,
Inc.
....................
82,756
2,941,976
Huntington
Ingalls
Industries,
Inc.
..............
8,702
2,237,023
L3Harris
Technologies,
Inc.
..................
42,527
10,481,630
Lockheed
Martin
Corp.
.....................
52,474
25,538,046
Mercury
Systems,
Inc.
(a)
....................
12,597
609,695
Northrop
Grumman
Corp.
...................
32,365
17,768,709
Raytheon
Technologies
Corp.
................
328,737
31,170,842
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
........
23,202
537,358
Textron,
Inc.
............................
46,647
3,192,521
TransDigm
Group,
Inc.
.....................
11,347
6,533,149
Woodward,
Inc.
(b)
.........................
12,929
1,185,589
141,475,779
a
Air
Freight
&
Logistics
 — 
4
.1
%
CH
Robinson
Worldwide,
Inc.
(b)
...............
26,961
2,634,629
Expeditors
International
of
Washington,
Inc.
.......
36,014
3,523,970
FedEx
Corp.
............................
53,061
8,504,617
GXO
Logistics,
Inc.
(a)
......................
23,206
847,947
United
Parcel
Service,
Inc.
,
Class
B
............
162,511
27,264,471
42,775,634
a
Building
Products
 — 
4
.3
%
A
O
Smith
Corp.
.........................
27,969
1,532,142
Advanced
Drainage
Systems,
Inc.
.............
14,112
1,635,299
Allegion
PLC
............................
19,377
2,030,128
Armstrong
World
Industries,
Inc.
...............
10,124
765,071
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
...............
24,641
431,464
Builders
FirstSource,
Inc.
(a)
..................
33,984
2,095,453
Carlisle
Companies,
Inc.
....................
11,360
2,712,768
Carrier
Global
Corp.
.......................
187,253
7,445,179
Fortune
Brands
Home
&
Security,
Inc.
...........
28,418
1,714,174
Hayward
Holdings,
Inc.
(a)
(b)
...................
15,580
144,115
Johnson
Controls
International
PLC
............
153,702
8,890,124
Lennox
International,
Inc.
...................
7,031
1,642,231
Masco
Corp.
............................
49,698
2,299,526
Owens
Corning
..........................
21,434
1,834,965
Trane
Technologies
PLC
(b)
...................
51,540
8,227,330
Trex
Co.,
Inc.
(a)
..........................
24,405
1,173,636
44,573,605
a
Chemicals
 — 
2
.7
%
Axalta
Coating
Systems
Ltd.
(a)
(b)
...............
48,957
1,141,677
DuPont
de
Nemours,
Inc.
...................
110,771
6,336,101
PPG
Industries,
Inc.
.......................
52,045
5,942,498
RPM
International,
Inc.
.....................
28,161
2,663,186
Sherwin-Williams
Co.
(The)
..................
52,860
11,895,086
27,978,548
a
Commercial
Services
&
Supplies
 — 
1
.1
%
Cintas
Corp.
............................
19,116
8,173,046
MSA
Safety,
Inc.
.........................
8,112
1,088,955
Tetra
Tech,
Inc.
..........................
11,806
1,667,951
10,929,952
a
Construction
&
Engineering
 — 
1
.2
%
AECOM
...............................
29,036
2,185,830
MasTec,
Inc.
(a)
...........................
13,459
1,037,420
Security
Shares
Value
a
Construction
&
Engineering
(continued)
MDU
Resources
Group,
Inc.
.................
44,614
$
1,270,607
Quanta
Services,
Inc.
......................
31,427
4,463,891
Valmont
Industries,
Inc.
.....................
4,658
1,486,927
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
.....
45,857
1,950,298
12,394,973
a
Construction
Materials
 — 
1
.0
%
Eagle
Materials,
Inc.
.......................
8,285
1,013,339
Martin
Marietta
Materials,
Inc.
................
13,737
4,615,357
Vulcan
Materials
Co.
......................
29,243
4,787,079
10,415,775
a
Consumer
Finance
 — 
3
.1
%
American
Express
Co.
.....................
133,092
19,757,507
Capital
One
Financial
Corp.
..................
84,111
8,917,448
Synchrony
Financial
.......................
106,019
3,770,036
32,444,991
a
Containers
&
Packaging
 — 
2
.1
%
Amcor
PLC
.............................
331,253
3,835,910
AptarGroup,
Inc.
.........................
14,429
1,430,635
Ardagh
Group
SA
,
Class
A
(a)
.................
5,329
40,394
Ardagh
Metal
Packaging
SA
.................
34,946
155,160
Ball
Corp.
..............................
68,108
3,363,854
Berry
Global
Group,
Inc.
(a)
...................
27,735
1,312,420
Crown
Holdings,
Inc.
......................
25,639
1,758,579
Graphic
Packaging
Holding
Co.
...............
67,736
1,555,219
Packaging
Corp.
of
America
.................
20,396
2,451,803
Sealed
Air
Corp.
.........................
32,245
1,535,507
Silgan
Holdings,
Inc.
.......................
18,552
878,623
Sonoco
Products
Co.
......................
21,393
1,328,077
Westrock
Co.
...........................
56,008
1,907,633
21,553,814
a
Diversified
Consumer
Services
 — 
0
.0
%
ADT,
Inc.
(b)
.............................
38,861
328,764
a
Electrical
Equipment
 — 
4
.6
%
Acuity
Brands,
Inc.
........................
7,218
1,325,008
AMETEK,
Inc.
...........................
50,895
6,599,046
Eaton
Corp.
PLC
.........................
88,229
13,240,526
Emerson
Electric
Co.
......................
130,501
11,301,387
Generac
Holdings,
Inc.
(a)
....................
13,745
1,593,183
Hubbell,
Inc.
............................
11,823
2,807,726
nVent
Electric
PLC
........................
36,354
1,326,921
Regal
Rexnord
Corp.
......................
14,806
1,873,551
Rockwell
Automation,
Inc.
...................
25,685
6,557,380
Sensata
Technologies
Holding
PLC
............
33,891
1,362,757
47,987,485
a
Electronic
Equipment,
Instruments
&
Components
 — 
2
.0
%
Cognex
Corp.
...........................
38,446
1,777,359
Keysight
Technologies,
Inc.
(a)
.................
39,587
6,894,076
Littelfuse,
Inc.
...........................
5,315
1,170,629
Teledyne
Technologies,
Inc.
(a)
.................
10,230
4,071,335
Trimble,
Inc.
(a)
...........................
55,139
3,317,162
Vontier
Corp.
............................
34,853
665,692
Zebra
Technologies
Corp.
,
Class
A
(a)
............
11,389
3,225,593
21,121,846
a
Household
Durables
 — 
0
.2
%
Mohawk
Industries,
Inc.
(a)
...................
11,574
1,096,637
TopBuild
Corp.
(a)
.........................
7,159
1,218,032
2,314,669
a
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
67
Schedule
of
Investments
Security
Shares
Value
a
Industrial
Conglomerates
 — 
6
.3
%
3M
Co.
................................
125,451
$
15,780,481
General
Electric
Co.
.......................
242,087
18,836,789
Honeywell
International,
Inc.
.................
148,986
30,396,124
65,013,394
a
IT
Services
 — 
27
.0
%
Accenture
PLC
,
Class
A
....................
140,073
39,766,725
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
...............
39,321
789,172
Automatic
Data
Processing,
Inc.
...............
92,300
22,308,910
Block,
Inc.
,
Class
A
(a)
(b)
.....................
116,693
7,009,748
Euronet
Worldwide,
Inc.
(a)
...................
10,463
878,997
Fidelity
National
Information
Services,
Inc.
........
134,830
11,189,542
Fiserv,
Inc.
(a)
............................
130,127
13,369,248
FleetCor
Technologies,
Inc.
(a)
.................
16,126
3,001,371
Genpact
Ltd.
............................
39,922
1,936,217
Global
Payments,
Inc.
.....................
60,754
6,941,752
Jack
Henry
&
Associates,
Inc.
................
16,022
3,189,339
Mastercard,
Inc.
,
Class
A
....................
190,303
62,453,638
Paychex,
Inc.
...........................
71,254
8,430,061
PayPal
Holdings,
Inc.
(a)
.....................
255,931
21,390,713
Shift4
Payments,
Inc.
,
Class
A
(a)
...............
11,173
513,623
Visa,
Inc.
,
Class
A
(b)
.......................
363,943
75,394,432
Western
Union
Co.
(The)
...................
84,666
1,143,838
WEX,
Inc.
(a)
.............................
9,771
1,603,812
281,311,138
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.........................
16,417
1,160,189
a
Life
Sciences
Tools
&
Services
 — 
1
.0
%
Mettler-Toledo
International,
Inc.
(a)
.............
4,946
6,256,344
Waters
Corp.
(a)
..........................
13,224
3,956,224
10,212,568
a
Machinery
 — 
14
.1
%
AGCO
Corp.
............................
13,698
1,700,881
Allison
Transmission
Holdings,
Inc.
.............
21,261
898,277
Caterpillar,
Inc.
..........................
116,695
25,259,800
Crane
Holdings
Co.
.......................
10,340
1,037,516
Cummins,
Inc.
...........................
31,128
7,611,107
Deere
&
Co.
............................
61,973
24,530,153
Donaldson
Co.,
Inc.
.......................
27,171
1,560,974
Dover
Corp.
............................
31,772
4,152,283
Esab
Corp.
.............................
11,157
416,156
Flowserve
Corp.
.........................
28,744
824,378
Fortive
Corp.
(b)
...........................
79,228
5,062,669
Gates
Industrial
Corp.
PLC
(a)
.................
23,423
261,166
Graco,
Inc.
.............................
37,181
2,587,054
IDEX
Corp.
.............................
16,775
3,729,250
Illinois
Tool
Works,
Inc.
(b)
....................
68,484
14,623,388
Ingersoll
Rand,
Inc.
(b)
......................
89,714
4,530,557
ITT,
Inc.
...............................
18,495
1,412,833
Lincoln
Electric
Holdings,
Inc.
................
12,395
1,760,090
Middleby
Corp.
(The)
(a)
.....................
11,838
1,655,663
Nordson
Corp.
...........................
12,784
2,876,400
Oshkosh
Corp.
..........................
14,554
1,280,752
Otis
Worldwide
Corp.
......................
93,459
6,601,944
PACCAR,
Inc.
...........................
75,358
7,296,915
Parker-Hannifin
Corp.
......................
28,268
8,215,246
Pentair
PLC
............................
36,305
1,559,300
Snap-on,
Inc.
...........................
11,602
2,576,224
Stanley
Black
&
Decker,
Inc.
.................
32,597
2,558,539
Toro
Co.
(The)
...........................
23,005
2,425,417
Westinghouse
Air
Brake
Technologies
Corp.
.......
39,975
3,728,868
Security
Shares
Value
a
Machinery
(continued)
Xylem,
Inc.
.............................
39,558
$
4,051,926
146,785,726
a
Marine
 — 
0
.1
%
Kirby
Corp.
(a)
............................
13,175
918,956
a
Paper
&
Forest
Products
 — 
0
.1
%
Louisiana-Pacific
Corp.
.....................
16,225
919,146
a
Professional
Services
 — 
2
.3
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
28,978
3,154,255
Equifax,
Inc.
............................
26,850
4,552,149
FTI
Consulting,
Inc.
(a)
......................
7,431
1,156,487
Jacobs
Solutions,
Inc.
......................
28,222
3,251,739
ManpowerGroup,
Inc.
......................
11,359
889,864
Robert
Half
International,
Inc.
.................
23,804
1,820,054
TransUnion
.............................
42,483
2,517,967
Verisk
Analytics,
Inc.
.......................
34,310
6,272,897
23,615,412
a
Road
&
Rail
 — 
6
.5
%
CSX
Corp.
.............................
472,838
13,740,672
JB
Hunt
Transport
Services,
Inc.
(b)
.............
18,422
3,151,452
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
34,360
1,650,311
Landstar
System,
Inc.
......................
8,014
1,251,947
Norfolk
Southern
Corp.
.....................
51,805
11,815,166
Old
Dominion
Freight
Line,
Inc.
...............
22,199
6,095,845
Ryder
System,
Inc.
........................
10,875
875,546
Schneider
National,
Inc.
,
Class
B
..............
11,871
264,011
Union
Pacific
Corp.
.......................
138,783
27,359,681
XPO
Logistics,
Inc.
(a)
......................
22,705
1,174,757
67,379,388
a
Semiconductors
&
Semiconductor
Equipment
 — 
0
.1
%
MKS
Instruments,
Inc.
.....................
12,632
1,037,719
a
Software
 — 
0
.7
%
Bill.com
Holdings,
Inc.
(a)
(b)
...................
21,545
2,873,241
Fair
Isaac
Corp.
(a)
.........................
5,414
2,592,440
Paylocity
Holding
Corp.
(a)
...................
8,775
2,033,957
7,499,638
a
Trading
Companies
&
Distributors
 — 
1
.5
%
Air
Lease
Corp.
,
Class
A
....................
22,840
806,024
Core
&
Main,
Inc.
,
Class
A
(a)
..................
15,801
372,587
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
..........
10,159
842,994
United
Rentals,
Inc.
(a)
......................
15,420
4,868,248
Watsco,
Inc.
............................
7,280
1,972,589
WESCO
International,
Inc.
(a)
.................
9,873
1,360,203
WW
Grainger,
Inc.
........................
10,059
5,877,977
16,100,622
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,133,585,781
)
...............................
1,038,249,731
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Industrials
ETF
(Percentages
shown
are
based
on
Net
Assets)
68
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
27,361,023
$
27,355,551
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
1,567,977
1,567,977
a
Total
Short-Term
Securities — 2.8%
(Cost:
$
28,921,483
)
.................................
28,923,528
Total
Investments
—
102.6%
(Cost:
$
1,162,507,264
)
...............................
1,067,173,259
Liabilities
in
Excess
of
Other
Assets
—
(
2
.6
)
%
...............
(
26,872,545
)
Net
Assets
—
100.0%
.................................
$
1,040,300,714
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
17,893,851
$
9,460,333
(a)
$
—
$
3,416
$
(
2,049
)
$
27,355,551
27,361,023
$
52,793
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,472,000
—
(
904,023
)
(a)
—
—
1,567,977
1,567,977
13,884
—
$
3,416
$
(
2,049
)
$
28,923,528
$
66,677
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Index
.................................................................
16
12/16/22
$
1,524
$
18,371
E-Mini
Technology
Select
Sector
Index
......................................................
2
12/16/22
258
(
260
)
$
18,111
iShares
®
U.S.
Industrials
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
69
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
18,371
$
—
$
—
$
—
$
18,371
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
260
$
—
$
—
$
—
$
260
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
198,834
)
$
—
$
—
$
—
$
(
198,834
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
143,652
$
—
$
—
$
—
$
143,652
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,904,100
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,038,209,337
‌
$
40,394
‌
$
—
‌
$
1,038,249,731
‌
Short-Term
Securities
Money
Market
Funds
......................................
28,923,528
‌
—
‌
—
‌
28,923,528
‌
$
1,067,132,865
‌
$
40,394
‌
$
—
‌
$
1,067,173,259
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
18,371
‌
$
—
‌
$
—
‌
$
18,371
‌
Liabilities
Equity
Contracts
...........................................
(
260
)
—
‌
—
‌
(
260
)
$
18,111
‌
$
—
‌
$
—
‌
$
18,111
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Technology
ETF
(Percentages
shown
are
based
on
Net
Assets)
70
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Communications
Equipment
 — 
0
.1
%
F5,
Inc.
(a)
..............................
69,363
$
9,912,666
a
Electrical
Equipment
 — 
0
.1
%
Vertiv
Holdings
Co.
,
Class
A
(b)
................
355,604
5,088,693
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.8
%
Amphenol
Corp.
,
Class
A
...................
681,986
51,714,998
Arrow
Electronics,
Inc.
(a)
....................
74,641
7,558,148
Avnet,
Inc.
.............................
109,166
4,387,382
CDW
Corp.
.............................
157,429
27,205,306
Coherent
Corp.
(a)
.........................
149,386
5,020,863
Corning,
Inc.
............................
879,195
28,283,703
IPG
Photonics
Corp.
(a)
.....................
39,245
3,361,727
Jabil,
Inc.
..............................
156,337
10,044,652
National
Instruments
Corp.
..................
152,840
5,835,431
TD
SYNNEX
Corp.
........................
49,827
4,559,669
147,971,879
a
Health
Care
Technology
 — 
0
.0
%
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
..........
40,473
638,664
a
Interactive
Media
&
Services
 — 
13
.4
%
Alphabet,
Inc.
,
Class
A
(a)
....................
4,423,312
418,047,217
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
3,972,306
376,018,486
IAC,
Inc.
(a)
(b)
............................
89,836
4,373,217
Match
Group,
Inc.
(a)
.......................
331,807
14,334,062
Meta
Platforms,
Inc.
,
Class
A
(a)
................
2,456,114
228,811,580
Pinterest,
Inc.
,
Class
A
(a)
....................
678,739
16,696,979
ZoomInfo
Technologies,
Inc.
(a)
................
320,539
14,273,602
1,072,555,143
a
Internet
&
Direct
Marketing
Retail
 — 
0
.2
%
DoorDash,
Inc.
,
Class
A
(a)
(b)
..................
291,531
12,690,345
a
IT
Services
 — 
5
.8
%
Akamai
Technologies,
Inc.
(a)
..................
182,307
16,103,177
Amdocs
Ltd.
............................
140,325
12,111,451
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
325,319
18,321,966
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
606,065
37,727,546
Concentrix
Corp.
.........................
49,920
6,101,721
DXC
Technology
Co.
(a)
.....................
267,819
7,699,796
EPAM
Systems,
Inc.
(a)
......................
63,897
22,363,950
Gartner,
Inc.
(a)
(b)
..........................
89,367
26,981,684
Globant
SA
(a)
............................
47,391
8,941,734
GoDaddy,
Inc.
,
Class
A
(a)
(b)
...................
182,295
14,656,518
International
Business
Machines
Corp.
..........
1,048,836
145,043,530
Kyndryl
Holdings,
Inc.
(a)
.....................
233,231
2,255,344
MongoDB,
Inc.
,
Class
A
(a)
...................
75,993
13,908,999
Okta,
Inc.
,
Class
A
(a)
.......................
173,639
9,744,621
Snowflake,
Inc.
,
Class
A
(a)
(b)
..................
357,189
57,257,397
SS&C
Technologies
Holdings,
Inc.
.............
260,397
13,389,614
Switch,
Inc.
,
Class
A
(b)
......................
169,118
5,758,468
Thoughtworks
Holding,
Inc.
(a)
.................
102,865
988,533
Toast,
Inc.
,
Class
A
(a)
......................
289,800
6,401,682
Twilio,
Inc.
,
Class
A
(a)
......................
200,102
14,881,586
VeriSign,
Inc.
(a)
..........................
109,319
21,914,087
Wix.com
Ltd.
(a)
...........................
62,443
5,251,456
467,804,860
a
Life
Sciences
Tools
&
Services
 — 
0
.1
%
Azenta,
Inc.
............................
85,675
3,803,970
a
Security
Shares
Value
a
Professional
Services
 — 
0
.6
%
CACI
International,
Inc.
,
Class
A
(a)
.............
26,852
$
8,163,814
Clarivate
PLC
(a)
(b)
.........................
547,084
5,651,378
Dun
&
Bradstreet
Holdings,
Inc.
(b)
..............
289,846
3,724,521
KBR,
Inc.
..............................
161,482
8,036,959
Leidos
Holdings,
Inc.
......................
158,643
16,116,542
Science
Applications
International
Corp.
.........
64,396
6,976,663
48,669,877
a
Semiconductors
&
Semiconductor
Equipment
 — 
21
.5
%
Advanced
Micro
Devices,
Inc.
(a)
...............
1,882,432
113,058,866
Allegro
MicroSystems,
Inc.
(a)
.................
76,207
1,936,420
Analog
Devices,
Inc.
.......................
608,351
86,763,020
Applied
Materials,
Inc.
.....................
1,011,966
89,346,478
Broadcom,
Inc.
..........................
460,311
216,401,407
Cirrus
Logic,
Inc.
(a)
........................
64,292
4,315,279
Entegris,
Inc.
............................
173,054
13,730,104
GlobalFoundries,
Inc.
(a)
(b)
....................
73,199
4,150,383
Intel
Corp.
.............................
4,769,317
135,591,682
KLA
Corp.
..............................
165,224
52,285,135
Lam
Research
Corp.
......................
159,445
64,540,147
Lattice
Semiconductor
Corp.
(a)
................
158,279
7,678,114
Marvell
Technology,
Inc.
....................
988,279
39,214,911
Microchip
Technology,
Inc.
...................
626,587
38,685,481
Micron
Technology,
Inc.
.....................
1,283,947
69,461,533
Monolithic
Power
Systems,
Inc.
...............
52,828
17,932,465
NVIDIA
Corp.
...........................
2,611,187
352,431,909
ON
Semiconductor
Corp.
(a)
(b)
.................
505,189
31,033,760
Qorvo,
Inc.
(a)
............................
119,855
10,317,119
QUALCOMM,
Inc.
........................
1,305,918
153,654,312
Skyworks
Solutions,
Inc.
....................
187,417
16,119,736
Teradyne,
Inc.
...........................
182,332
14,832,708
Texas
Instruments,
Inc.
.....................
1,074,586
172,610,749
Universal
Display
Corp.
....................
50,380
4,797,184
Wolfspeed,
Inc.
(a)
.........................
134,794
10,615,028
1,721,503,930
a
Software
 — 
34
.7
%
Adobe,
Inc.
(a)
............................
549,990
175,171,815
Alteryx,
Inc.
,
Class
A
(a)
.....................
68,812
3,353,209
ANSYS,
Inc.
(a)
...........................
101,272
22,397,315
AppLovin
Corp.
,
Class
A
(a)
...................
253,228
4,294,747
Aspen
Technology,
Inc.
(a)
....................
31,470
7,598,431
Atlassian
Corp.
,
Class
A
(a)
...................
159,325
32,299,957
Autodesk,
Inc.
(a)
..........................
253,500
54,325,050
Bentley
Systems,
Inc.
,
Class
B
(b)
...............
196,858
6,945,150
Black
Knight,
Inc.
(a)
........................
179,715
10,867,366
Cadence
Design
Systems,
Inc.
(a)
(b)
.............
317,689
48,094,938
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
.........
199,077
1,857,388
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
159,305
10,544,398
Confluent,
Inc.
,
Class
A
(a)
(b)
..................
143,100
3,846,528
Coupa
Software,
Inc.
(a)
.....................
88,141
4,691,745
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
244,826
39,465,951
Datadog,
Inc.
,
Class
A
(a)
....................
309,123
24,887,493
DocuSign,
Inc.
(a)
.........................
229,375
11,078,812
Dolby
Laboratories,
Inc.
,
Class
A
..............
70,607
4,719,372
DoubleVerify
Holdings,
Inc.
(a)
(b)
................
73,914
2,160,506
Dropbox,
Inc.
,
Class
A
(a)
....................
318,817
6,934,270
Dynatrace,
Inc.
(a)
.........................
231,548
8,159,752
Elastic
NV
(a)
............................
90,170
5,766,371
Five9,
Inc.
(a)
(b)
...........................
79,672
4,801,035
Fortinet,
Inc.
(a)
...........................
751,418
42,951,053
Guidewire
Software,
Inc.
(a)
(b)
..................
97,846
5,813,031
HubSpot,
Inc.
(a)
..........................
53,019
15,723,315
Informatica,
Inc.
,
Class
A
(a)
(b)
.................
41,358
800,691
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
71
Schedule
of
Investments
Security
Shares
Value
a
Software
(continued)
Intuit,
Inc.
..............................
321,167
$
137,298,892
Jamf
Holding
Corp.
(a)
......................
77,129
1,825,643
Manhattan
Associates,
Inc.
(a)
.................
73,057
8,888,845
Microsoft
Corp.
..........................
5,273,974
1,224,247,585
nCino,
Inc.
(a)
(b)
...........................
80,158
2,523,374
NCR
Corp.
(a)
............................
146,660
3,117,992
New
Relic,
Inc.
(a)
.........................
60,603
3,590,122
NortonLifeLock,
Inc.
.......................
666,237
15,010,320
Nutanix,
Inc.
,
Class
A
(a)
.....................
250,066
6,851,808
Oracle
Corp.
............................
1,762,991
137,636,707
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
2,105,984
18,511,599
Palo
Alto
Networks,
Inc.
(a)
...................
342,487
58,767,344
Paycom
Software,
Inc.
(a)
(b)
...................
59,598
20,620,908
Paycor
HCM,
Inc.
(a)
(b)
......................
54,095
1,648,275
Pegasystems,
Inc.
........................
48,917
1,820,202
Procore
Technologies,
Inc.
(a)
.................
81,830
4,472,828
PTC,
Inc.
(a)
.............................
122,779
14,467,050
RingCentral,
Inc.
,
Class
A
(a)
..................
98,345
3,493,214
Roper
Technologies,
Inc.
....................
122,996
50,986,762
Salesforce,
Inc.
(a)
.........................
1,121,634
182,366,472
SentinelOne,
Inc.
,
Class
A
(a)
(b)
................
213,403
4,874,125
ServiceNow,
Inc.
(a)
........................
233,351
98,180,100
Smartsheet,
Inc.
,
Class
A
(a)
(b)
.................
144,683
5,052,330
Splunk,
Inc.
(a)
...........................
187,644
15,595,093
Synopsys,
Inc.
(a)
.........................
177,552
51,942,838
Teradata
Corp.
(a)
.........................
119,723
3,782,050
Tyler
Technologies,
Inc.
(a)
...................
47,828
15,464,227
UiPath,
Inc.
,
Class
A
(a)
(b)
....................
436,874
5,526,456
Unity
Software,
Inc.
(a)
(b)
.....................
242,780
7,162,010
VMware,
Inc.
,
Class
A
......................
243,258
27,373,823
Workday,
Inc.
,
Class
A
(a)
....................
229,896
35,822,395
Zendesk,
Inc.
(a)
..........................
141,076
10,819,118
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
294,044
24,535,031
Security
Shares
Value
a
Software
(continued)
Zscaler,
Inc.
(a)
...........................
96,997
$
14,947,238
2,778,772,465
a
Technology
Hardware,
Storage
&
Peripherals
 — 
21
.6
%
Apple,
Inc.
.............................
10,613,077
1,627,409,226
Dell
Technologies,
Inc.
,
Class
C
...............
300,678
11,546,035
Hewlett
Packard
Enterprise
Co.
...............
1,512,267
21,580,050
HP,
Inc.
...............................
1,204,788
33,276,245
NetApp,
Inc.
............................
255,758
17,716,357
Pure
Storage,
Inc.
,
Class
A
(a)
.................
327,511
10,106,989
Western
Digital
Corp.
(a)
.....................
365,898
12,575,914
1,734,210,816
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
8,051,316,107
)
...............................
8,003,623,308
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
73,516,800
73,502,097
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
10,808,105
10,808,105
a
Total
Short-Term
Securities — 1.0%
(Cost:
$
84,312,770
)
.................................
84,310,202
Total
Investments
—
100.9%
(Cost:
$
8,135,628,877
)
...............................
8,087,933,510
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
73,535,455
)
Net
Assets
—
100.0%
.................................
$
8,014,398,055
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
119,017,767
$
—
$
(
45,489,040
)
(a)
$
(
25,158
)
$
(
1,472
)
$
73,502,097
73,516,800
$
141,415
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
6,440,000
4,368,105
(a)
—
—
—
10,808,105
10,808,105
80,694
—
$
(
25,158
)
$
(
1,472
)
$
84,310,202
$
222,109
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Technology
ETF
72
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
Communication
Services
Select
Sector
Index.
.........................................
21
12/16/22
$
1,330
$
(
73,440
)
E-Mini
Technology
Select
Sector
Index
......................................................
70
12/16/22
9,045
(
18,157
)
$
(
91,597
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
91,597
$
—
$
—
$
—
$
91,597
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
1,386,707
)
$
—
$
—
$
—
$
(
1,386,707
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
246,802
$
—
$
—
$
—
$
246,802
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
8,688,190
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Technology
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
73
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
8,003,623,308
‌
$
—
‌
$
—
‌
$
8,003,623,308
‌
Short-Term
Securities
Money
Market
Funds
......................................
84,310,202
‌
—
‌
—
‌
84,310,202
‌
$
8,087,933,510
‌
$
—
‌
$
—
‌
$
8,087,933,510
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
91,597
)
$
—
‌
$
—
‌
$
(
91,597
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
U.S.
Transportation
ETF
(Percentages
shown
are
based
on
Net
Assets)
74
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Air
Freight
&
Logistics
 — 
29
.9
%
Air
Transport
Services
Group,
Inc.
(a)
(b)
...........
88,241
$
2,576,637
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
(b)
...........
39,308
3,975,611
CH
Robinson
Worldwide,
Inc.
(b)
...............
188,779
18,447,484
Expeditors
International
of
Washington,
Inc.
.......
249,294
24,393,418
FedEx
Corp.
............................
187,072
29,983,900
Forward
Air
Corp.
........................
40,950
4,335,376
GXO
Logistics,
Inc.
(a)
(b)
.....................
180,751
6,604,642
Hub
Group,
Inc.
,
Class
A
(a)
(b)
.................
51,733
4,014,481
United
Parcel
Service,
Inc.
,
Class
B
............
820,229
137,609,819
231,941,368
a
Airlines
 — 
16
.3
%
Alaska
Air
Group,
Inc.
(a)
.....................
193,171
8,588,383
Allegiant
Travel
Co.
(a)
......................
23,500
1,763,675
American
Airlines
Group,
Inc.
(a)
................
990,266
14,041,972
Delta
Air
Lines,
Inc.
(a)
......................
977,088
33,152,596
Frontier
Group
Holdings,
Inc.
(a)
................
56,483
740,492
Hawaiian
Holdings,
Inc.
(a)
(b)
..................
78,434
1,131,802
JetBlue
Airways
Corp.
(a)
(b)
...................
492,934
3,963,189
Joby
Aviation,
Inc.
,
Class
A
(a)
(b)
................
434,389
2,093,755
SkyWest,
Inc.
(a)
..........................
77,222
1,365,285
Southwest
Airlines
Co.
(a)
....................
904,174
32,866,725
Spirit
Airlines,
Inc.
........................
165,680
3,644,960
Sun
Country
Airlines
Holdings,
Inc.
(a)
(b)
...........
49,699
809,100
United
Airlines
Holdings,
Inc.
(a)
................
497,909
21,449,920
Wheels
Up
Experience,
Inc.
,
Class
A
(a)
(b)
.........
260,995
461,961
126,073,815
a
Marine
 — 
1
.6
%
Eagle
Bulk
Shipping,
Inc.
...................
14,628
707,703
Genco
Shipping
&
Trading
Ltd.
................
56,792
761,013
Kirby
Corp.
(a)
(b)
...........................
91,295
6,367,826
Matson,
Inc.
............................
59,332
4,365,648
12,202,190
a
Road
&
Rail
 — 
52
.1
%
AMERCO
..............................
14,940
8,593,339
ArcBest
Corp.
...........................
37,335
2,965,519
Avis
Budget
Group,
Inc.
(a)
(b)
..................
43,947
10,391,708
CSX
Corp.
.............................
1,757,471
51,072,107
Security
Shares
Value
a
Road
&
Rail
(continued)
Daseke,
Inc.
(a)
...........................
92,085
$
548,827
Heartland
Express,
Inc.
.....................
71,086
1,057,760
Hertz
Global
Holdings,
Inc.
(a)
.................
274,650
5,053,560
JB
Hunt
Transport
Services,
Inc.
(b)
.............
126,555
21,649,764
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
244,829
11,759,137
Landstar
System,
Inc.
......................
55,509
8,671,616
Lyft,
Inc.
,
Class
A
(a)
(b)
.......................
466,732
6,832,956
Marten
Transport
Ltd.
......................
87,799
1,647,987
Norfolk
Southern
Corp.
.....................
155,076
35,368,183
Old
Dominion
Freight
Line,
Inc.
...............
139,668
38,352,833
Ryder
System,
Inc.
........................
78,020
6,281,390
Saia,
Inc.
(a)
(b)
............................
40,248
8,003,717
Schneider
National,
Inc.
,
Class
B
..............
56,540
1,257,450
TuSimple
Holdings,
Inc.
,
Class
A
(a)
(b)
............
207,950
713,269
Uber
Technologies,
Inc.
(a)
(b)
..................
1,255,998
33,371,867
Union
Pacific
Corp.
.......................
699,889
137,976,117
Werner
Enterprises,
Inc.
....................
89,770
3,518,984
XPO
Logistics,
Inc.
(a)
(b)
.....................
175,303
9,070,177
404,158,267
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
980,023,245
)
................................
774,375,640
a
Short-Term
Securities
Money
Market
Funds
 — 
6
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
49,512,247
49,502,345
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
1,257,472
1,257,472
a
Total
Short-Term
Securities — 6.5%
(Cost:
$
50,756,574
)
.................................
50,759,817
Total
Investments
—
106.4%
(Cost:
$
1,030,779,819
)
...............................
825,135,457
Liabilities
in
Excess
of
Other
Assets
—
(
6
.4
)
%
...............
(
49,738,941
)
Net
Assets
—
100.0%
.................................
$
775,396,516
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
60,502,490
$
—
$
(
10,990,324
)
(a)
$
5,343
$
(
15,164
)
$
49,502,345
49,512,247
$
101,554
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
990,000
267,472
(a)
—
—
—
1,257,472
1,257,472
10,590
—
$
5,343
$
(
15,164
)
$
50,759,817
$
112,144
$
—
iShares
®
U.S.
Transportation
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
75
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Index
..................................................................
11
12/16/22
$
1,048
$
48,009
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
48,009
$
—
$
—
$
—
$
48,009
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
412,835
)
$
—
$
—
$
—
$
(
412,835
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
67,391
$
—
$
—
$
—
$
67,391
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,053,910
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Transportation
ETF
76
2022
iShares
Semi-Annual
Report
to
Shareholders
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
774,375,640
‌
$
—
‌
$
—
‌
$
774,375,640
‌
Short-Term
Securities
Money
Market
Funds
......................................
50,759,817
‌
—
‌
—
‌
50,759,817
‌
$
825,135,457
‌
$
—
‌
$
—
‌
$
825,135,457
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
48,009
‌
$
—
‌
$
—
‌
$
48,009
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Utilities
ETF
Schedule
of
Investments
(unaudited)
October
31,
2022
(Percentages
shown
are
based
on
Net
Assets)
77
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Commercial
Services
&
Supplies
 — 
9
.2
%
Clean
Harbors,
Inc.
(a)
......................
44,485
$
5,447,633
Republic
Services,
Inc.
.....................
180,040
23,876,905
Stericycle,
Inc.
(a)
(b)
........................
79,993
3,566,088
Waste
Management,
Inc.
....................
362,529
57,413,718
90,304,344
a
Electric
Utilities
 — 
56
.8
%
Alliant
Energy
Corp.
.......................
218,808
11,415,213
American
Electric
Power
Co.,
Inc.
..............
449,121
39,486,718
Avangrid,
Inc.
...........................
61,865
2,516,668
Constellation
Energy
Corp.
..................
285,093
26,952,692
Duke
Energy
Corp.
.......................
672,747
62,686,565
Edison
International
.......................
328,240
19,707,530
Entergy
Corp.
...........................
177,226
18,987,994
Evergy,
Inc.
.............................
194,050
11,862,277
Eversource
Energy
.......................
300,865
22,949,982
Exelon
Corp.
............................
867,269
33,467,911
FirstEnergy
Corp.
........................
474,073
17,877,293
Hawaiian
Electric
Industries,
Inc.
..............
94,936
3,611,365
IDACORP,
Inc.
..........................
43,921
4,598,529
NextEra
Energy,
Inc.
......................
1,715,526
132,953,265
NRG
Energy,
Inc.
.........................
205,959
9,144,580
OGE
Energy
Corp.
........................
174,279
6,383,840
PG&E
Corp.
(a)
(b)
..........................
1,354,153
20,217,504
Pinnacle
West
Capital
Corp.
.................
98,528
6,622,067
PPL
Corp.
.............................
643,381
17,043,163
Southern
Co.
(The)
.......................
927,275
60,717,967
Xcel
Energy,
Inc.
.........................
476,148
31,001,996
560,205,119
a
Electrical
Equipment
 — 
0
.4
%
Sunrun,
Inc.
(a)
(b)
..........................
179,222
4,034,287
a
Gas
Utilities
 — 
2
.5
%
Atmos
Energy
Corp.
.......................
120,455
12,834,480
National
Fuel
Gas
Co.
(b)
....................
76,494
5,162,580
UGI
Corp.
..............................
182,721
6,455,533
24,452,593
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
2
.7
%
AES
Corp.
(The)
.........................
582,371
15,234,825
Brookfield
Renewable
Corp.
,
Class
A
(b)
..........
111,442
3,458,045
Security
Shares
Value
a
Independent
Power
and
Renewable
Electricity
Producers
(continued)
Vistra
Corp.
............................
358,746
$
8,240,396
26,933,266
a
Multi-Utilities
 — 
24
.9
%
Ameren
Corp.
...........................
224,690
18,316,729
CenterPoint
Energy,
Inc.
....................
550,055
15,737,074
CMS
Energy
Corp.
........................
252,746
14,419,159
Consolidated
Edison,
Inc.
...................
309,840
27,253,526
Dominion
Energy,
Inc.
......................
727,097
50,874,977
DTE
Energy
Co.
.........................
168,420
18,881,566
NiSource,
Inc.
...........................
354,424
9,105,153
Public
Service
Enterprise
Group,
Inc.
...........
434,727
24,375,143
Sempra
Energy
..........................
274,796
41,477,708
WEC
Energy
Group,
Inc.
....................
275,524
25,163,607
245,604,642
a
Water
Utilities
 — 
3
.3
%
American
Water
Works
Co.,
Inc.
...............
158,840
23,085,806
Essential
Utilities,
Inc.
......................
201,973
8,931,246
32,017,052
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
989,226,162
)
................................
983,551,303
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.29
%
(c)
(d)
(e)
......................
9,232,713
9,230,866
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.97
%
(c)
(d)
............................
2,037,409
2,037,409
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
11,268,448
)
.................................
11,268,275
Total
Investments
—
100.9%
(Cost:
$
1,000,494,610
)
...............................
994,819,578
Liabilities
in
Excess
of
Other
Assets
—
(
0
.9
)
%
...............
(
8,995,623
)
Net
Assets
—
100.0%
.................................
$
985,823,955
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
October
31,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/22
  Shares
Held
at
10/31/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
460,950
$
8,774,937
(a)
$
—
$
(
4,848
)
$
(
173
)
$
9,230,866
9,232,713
$
5,643
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
1,712,000
325,409
(a)
—
—
—
2,037,409
2,037,409
14,796
—
$
(
4,848
)
$
(
173
)
$
11,268,275
$
20,439
$
—
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
U.S.
Utilities
ETF
78
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
October
31,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Utilities
Select
Sector
Index
.........................................................
32
12/16/22
$
2,161
$
(
179,007
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
179,007
$
—
$
—
$
—
$
179,007
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
99,806
)
$
—
$
—
$
—
$
(
99,806
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
168,071
)
$
—
$
—
$
—
$
(
168,071
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,940,035
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Utilities
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
79
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
983,551,303
‌
$
—
‌
$
—
‌
$
983,551,303
‌
Short-Term
Securities
Money
Market
Funds
......................................
11,268,275
‌
—
‌
—
‌
11,268,275
‌
$
994,819,578
‌
$
—
‌
$
—
‌
$
994,819,578
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
179,007
)
$
—
‌
$
—
‌
$
(
179,007
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
80
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
October
31,
2022
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
MSCI
KLD
400
Social
ETF
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
1,478,716,667
‌
$
3,504,378,257
‌
$
3,202,182,771
‌
$
833,564,517
‌
Investments,
at
value
—
affiliated
(c)
........................................
32,316,320
‌
35,667,792
‌
77,304,796
‌
13,775,815
‌
Cash
............................................................
66,533
‌
228,741
‌
62,410
‌
16,940
‌
Cash
pledged:
Futures
contracts
..................................................
142,000
‌
465,000
‌
389,000
‌
100,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
10,799
‌
14,535
‌
20,227
‌
2,736
‌
Dividends
—
unaffiliated
.............................................
1,072,044
‌
3,598,214
‌
3,323,279
‌
1,152,081
‌
Dividends
—
affiliated
...............................................
5,876
‌
23,577
‌
13,394
‌
3,058
‌
Total
assets
.......................................................
1,512,330,239
‌
3,544,376,116
‌
3,283,295,877
‌
848,615,147
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
24,912,695
‌
9,717,386
‌
25,887,613
‌
12,846,240
‌
Payables:
Investments
purchased
..............................................
2,127,010
‌
—
‌
—
‌
—
‌
Capital
shares
redeemed
.............................................
—
‌
11,476
‌
—
‌
26,489
‌
Investment
advisory
fees
.............................................
240,203
‌
719,058
‌
655,561
‌
283,163
‌
Variation
margin
on
futures
contracts
.....................................
19,861
‌
65,994
‌
50,457
‌
16,500
‌
Total
liabilities
......................................................
27,299,769
‌
10,513,914
‌
26,593,631
‌
13,172,392
‌
NET
ASSETS
......................................................
$
1,485,030,470
‌
$
3,533,862,202
‌
$
3,256,702,246
‌
$
835,442,755
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
878,095,755
‌
$
3,187,396,490
‌
$
3,523,447,668
‌
$
1,158,193,405
‌
Accumulated
earnings
(loss)
............................................
606,934,715
‌
346,465,712
‌
(
266,745,422
)
(
322,750,650
)
NET
ASSETS
......................................................
$
1,485,030,470
‌
$
3,533,862,202
‌
$
3,256,702,246
‌
$
835,442,755
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
15,700,000
‌
49,250,000
‌
39,450,000
‌
7,050,000
‌
Net
asset
value
.....................................................
$
94.59
‌
$
71.75
‌
$
82.55
‌
$
118.50
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
24,276,650
‌
$
9,383,274
‌
$
25,390,309
‌
$
12,294,738
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
858,229,070
‌
$
3,151,523,755
‌
$
3,394,030,166
‌
$
968,138,448
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
30,847,466
‌
$
34,172,456
‌
$
83,123,958
‌
$
13,776,016
‌
81
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
693,931,551
‌
$
1,690,044,676
‌
$
2,352,520,459
‌
$
1,384,998,770
‌
Investments,
at
value
—
affiliated
(c)
........................................
17,812,578
‌
11,286,828
‌
16,403,363
‌
52,029,286
‌
Cash
............................................................
14,523
‌
144,117
‌
—
‌
100,832
‌
Cash
pledged:
Futures
contracts
..................................................
83,000
‌
381,000
‌
270,000
‌
305,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
20,362
‌
1,803
‌
6,506
‌
6,587
‌
Capital
shares
sold
.................................................
—
‌
167,207
‌
8,772
‌
—
‌
Dividends
—
unaffiliated
.............................................
204,533
‌
3,836,733
‌
1,464,565
‌
1,481,152
‌
Dividends
—
affiliated
...............................................
2,391
‌
5,330
‌
10,679
‌
6,782
‌
Variation
margin
on
futures
contracts
.....................................
—
‌
—
‌
27,470
‌
—
‌
Total
assets
.......................................................
712,068,938
‌
1,705,867,694
‌
2,370,711,814
‌
1,438,928,409
‌
LIABILITIES
Bank
overdraft
......................................................
—
‌
—
‌
25,604
‌
—
‌
Collateral
on
securities
loaned
...........................................
16,560,042
‌
8,406,789
‌
13,213,220
‌
8,799,384
‌
Payables:
Investment
advisory
fees
.............................................
232,088
‌
531,103
‌
755,743
‌
462,444
‌
Variation
margin
on
futures
contracts
.....................................
7,678
‌
29,520
‌
—
‌
34,313
‌
Total
liabilities
......................................................
16,799,808
‌
8,967,412
‌
13,994,567
‌
9,296,141
‌
NET
ASSETS
......................................................
$
695,269,130
‌
$
1,696,900,282
‌
$
2,356,717,247
‌
$
1,429,632,268
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,021,175,841
‌
$
1,693,636,876
‌
$
1,398,814,808
‌
$
1,662,731,406
‌
Accumulated
earnings
(loss)
............................................
(
325,906,711
)
3,263,406
‌
957,902,439
‌
(
233,099,138
)
NET
ASSETS
......................................................
$
695,269,130
‌
$
1,696,900,282
‌
$
2,356,717,247
‌
$
1,429,632,268
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
11,350,000
‌
8,600,000
‌
48,750,000
‌
9,000,000
‌
Net
asset
value
.....................................................
$
61.26
‌
$
197.31
‌
$
48.34
‌
$
158.85
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
16,160,115
‌
$
8,234,606
‌
$
13,032,310
‌
$
8,184,223
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
890,259,975
‌
$
1,678,205,183
‌
$
1,603,311,353
‌
$
1,572,931,571
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
17,810,544
‌
$
11,287,451
‌
$
16,402,110
‌
$
60,889,530
‌
82
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.....................................
$
1,991,341,119
‌
$
3,222,683,499
‌
$
1,038,249,731
‌
$
8,003,623,308
‌
Investments,
at
value
—
affiliated
(c)
........................................
79,595,102
‌
64,265,502
‌
28,923,528
‌
84,310,202
‌
Cash
............................................................
289,884
‌
86,367
‌
33,517
‌
150,085
‌
Cash
pledged:
Futures
contracts
..................................................
427,000
‌
334,999
‌
101,000
‌
818,000
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
15,404
‌
13,055
‌
6,781
‌
22,407
‌
Capital
shares
sold
.................................................
—
‌
57,977
‌
—
‌
85,331
‌
Dividends
—
unaffiliated
.............................................
1,777,021
‌
2,883,320
‌
702,750
‌
1,339,571
‌
Dividends
—
affiliated
...............................................
11,706
‌
9,084
‌
3,213
‌
31,226
‌
Total
assets
.......................................................
2,073,457,236
‌
3,290,333,803
‌
1,068,020,520
‌
8,090,380,130
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
23,760,132
‌
59,514,904
‌
27,370,222
‌
73,575,410
‌
Payables:
Investment
advisory
fees
.............................................
659,879
‌
1,050,262
‌
340,524
‌
2,258,178
‌
Variation
margin
on
futures
contracts
.....................................
33,080
‌
8,160
‌
9,060
‌
148,487
‌
Total
liabilities
......................................................
24,453,091
‌
60,573,326
‌
27,719,806
‌
75,982,075
‌
NET
ASSETS
......................................................
$
2,049,004,145
‌
$
3,229,760,477
‌
$
1,040,300,714
‌
$
8,014,398,055
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
2,280,861,929
‌
$
2,941,863,102
‌
$
1,195,862,079
‌
$
7,976,860,412
‌
Accumulated
earnings
(loss)
............................................
(
231,857,784
)
287,897,375
‌
(
155,561,365
)
37,537,643
‌
NET
ASSETS
......................................................
$
2,049,004,145
‌
$
3,229,760,477
‌
$
1,040,300,714
‌
$
8,014,398,055
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
27,150,000
‌
11,700,000
‌
11,050,000
‌
104,950,000
‌
Net
asset
value
.....................................................
$
75.47
‌
$
276.05
‌
$
94.14
‌
$
76.36
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
22,638,732
‌
$
58,272,164
‌
$
26,593,326
‌
$
70,996,986
‌
(b)
Investments,
at
cost
—
unaffiliated
......................................
$
2,134,332,357
‌
$
2,907,538,537
‌
$
1,133,585,781
‌
$
8,051,316,107
‌
(c)
Investments,
at
cost
—
affiliated
........................................
$
93,439,911
‌
$
64,261,425
‌
$
28,921,483
‌
$
84,312,770
‌
83
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................
$
774,375,640
‌
$
983,551,303
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................
50,759,817
‌
11,268,275
‌
Cash
...........................................................................................
24,420
‌
45,636
‌
Cash
pledged:
Futures
contracts
.................................................................................
56,000
‌
114,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................
9,089
‌
1,692
‌
Dividends
—
unaffiliated
............................................................................
43
‌
426,186
‌
Dividends
—
affiliated
..............................................................................
2,905
‌
3,261
‌
Total
assets
......................................................................................
825,227,914
‌
995,410,353
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
49,553,498
‌
9,235,549
‌
Payables:
Capital
shares
redeemed
............................................................................
13,814
‌
—
‌
Investment
advisory
fees
............................................................................
260,346
‌
330,613
‌
Variation
margin
on
futures
contracts
....................................................................
3,740
‌
20,236
‌
Total
liabilities
.....................................................................................
49,831,398
‌
9,586,398
‌
NET
ASSETS
.....................................................................................
$
775,396,516
‌
$
985,823,955
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
1,109,275,941
‌
$
1,029,289,190
‌
Accumulated
loss
..................................................................................
(
333,879,425
)
(
43,465,235
)
NET
ASSETS
.....................................................................................
$
775,396,516
‌
$
985,823,955
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
3,650,000
‌
11,950,000
‌
Net
asset
value
....................................................................................
$
212.44
‌
$
82.50
‌
Shares
authorized
..................................................................................
Unlimited
Unlimited
Par
value
........................................................................................
None
None
(a)
Securities
loaned,
at
value
..........................................................................
$
48,725,176
‌
$
8,872,004
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................
$
980,023,245
‌
$
989,226,162
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................
$
50,756,574
‌
$
11,268,448
‌
84
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
Six
Months
Ended
October
31,
2022
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
MSCI
KLD
400
Social
ETF
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
12,437,204
‌
$
29,213,485
‌
$
29,546,175
‌
$
13,209,449
‌
Dividends
—
affiliated
..............................................
76,053
‌
374,969
‌
774,751
‌
13,313
‌
Interest
—
unaffiliated
..............................................
589
‌
1,978
‌
1,470
‌
236
‌
Securities
lending
income
—
affiliated
—
net
...............................
94,209
‌
200,383
‌
209,144
‌
17,015
‌
Foreign
taxes
withheld
.............................................
(
3,298
)
(
13,293
)
(
15,458
)
(
3,175
)
Total
investment
income
..............................................
12,604,757
‌
29,777,522
‌
30,516,082
‌
13,236,838
‌
EXPENSES
Investment
advisory
...............................................
1,490,874
‌
4,554,300
‌
4,236,780
‌
1,935,378
‌
Total
expenses
....................................................
1,490,874
‌
4,554,300
‌
4,236,780
‌
1,935,378
‌
Net
investment
income
...............................................
11,113,883
‌
25,223,222
‌
26,279,302
‌
11,301,460
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
8,790,917
)
(
12,836,008
)
(
49,289,347
)
(
71,101,370
)
Investments
—
affiliated
...........................................
(
13,941
)
(
70,760
)
(
146,838
)
4,940
‌
Futures
contracts
...............................................
(
514,913
)
(
857,023
)
(
904,820
)
(
701,490
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
26,018,453
‌
70,926,734
‌
56,378,284
‌
8,121,590
‌
In-kind
redemptions
—
affiliated
(a)
....................................
63,745
‌
350,173
‌
999,460
‌
—
‌
16,762,427
‌
57,513,116
‌
7,036,739
‌
(
63,676,330
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
122,285,768
)
(
389,848,063
)
(
257,658,031
)
(
121,950,748
)
Investments
—
affiliated
...........................................
62,273
‌
375,343
‌
633,877
‌
(
201
)
Futures
contracts
...............................................
247,747
‌
505,645
‌
241,054
‌
101,005
‌
(
121,975,748
)
(
388,967,075
)
(
256,783,100
)
(
121,849,944
)
Net
realized
and
unrealized
loss
.........................................
(
105,213,321
)
(
331,453,959
)
(
249,746,361
)
(
185,526,274
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(
94,099,438
)
$
(
306,230,737
)
$
(
223,467,059
)
$
(
174,224,814
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
85
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
3,523,659
‌
$
20,708,372
‌
$
55,778,829
‌
$
16,781,190
‌
Dividends
—
affiliated
..............................................
8,993
‌
18,535
‌
37,258
‌
636,663
‌
Interest
—
unaffiliated
..............................................
263
‌
881
‌
718
‌
331
‌
Securities
lending
income
—
affiliated
—
net
...............................
172,166
‌
41,593
‌
99,081
‌
88,524
‌
Foreign
taxes
withheld
.............................................
—
‌
—
‌
—
‌
(
3,787
)
Total
investment
income
..............................................
3,705,081
‌
20,769,381
‌
55,915,886
‌
17,502,921
‌
EXPENSES
Investment
advisory
...............................................
1,511,702
‌
2,875,851
‌
5,181,472
‌
3,075,576
‌
Total
expenses
....................................................
1,511,702
‌
2,875,851
‌
5,181,472
‌
3,075,576
‌
Net
investment
income
...............................................
2,193,379
‌
17,893,530
‌
50,734,414
‌
14,427,345
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
33,498,284
)
(
9,888,253
)
(
16,628,094
)
(
16,289,017
)
Investments
—
affiliated
...........................................
18,541
‌
7,154
‌
25,977
‌
(
625,815
)
Futures
contracts
...............................................
(
68,341
)
(
353,446
)
2,093,404
‌
(
566,080
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
3,096,176
‌
32,676,639
‌
611,287,756
‌
45,114,598
‌
In-kind
redemptions
—
affiliated
(a)
....................................
—
‌
—
‌
—
‌
1,377,708
‌
(
30,451,908
)
22,442,094
‌
596,779,043
‌
29,011,394
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
44,539,103
)
(
78,670,405
)
(
145,173,075
)
(
94,481,177
)
Investments
—
affiliated
...........................................
(
6,928
)
(
1,906
)
(
6,192
)
(
22,559
)
Futures
contracts
...............................................
10,487
‌
371,646
‌
671,566
‌
549,087
‌
(
44,535,544
)
(
78,300,665
)
(
144,507,701
)
(
93,954,649
)
Net
realized
and
unrealized
gain
(loss)
....................................
(
74,987,452
)
(
55,858,571
)
452,271,342
‌
(
64,943,255
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
(
72,794,073
)
$
(
37,965,041
)
$
503,005,756
‌
$
(
50,515,910
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
86
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2022
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
22,376,329
‌
$
23,251,377
‌
$
8,772,832
‌
$
29,215,649
‌
Dividends
—
affiliated
..............................................
798,303
‌
37,810
‌
13,884
‌
80,694
‌
Interest
—
unaffiliated
..............................................
499
‌
1,348
‌
511
‌
3,096
‌
Securities
lending
income
—
affiliated
—
net
...............................
130,762
‌
77,116
‌
52,793
‌
141,415
‌
Foreign
taxes
withheld
.............................................
(
4,477
)
—
‌
(
989
)
(
29,388
)
Total
investment
income
..............................................
23,301,416
‌
23,367,651
‌
8,839,031
‌
29,411,466
‌
EXPENSES
Investment
advisory
...............................................
4,027,026
‌
6,004,550
‌
2,289,536
‌
13,703,182
‌
Total
expenses
....................................................
4,027,026
‌
6,004,550
‌
2,289,536
‌
13,703,182
‌
Net
investment
income
...............................................
19,274,390
‌
17,363,101
‌
6,549,495
‌
15,708,284
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(
23,886,048
)
(
11,934,340
)
(
10,043,412
)
(
75,340,303
)
Investments
—
affiliated
...........................................
(
374,445
)
(
5,791
)
3,416
‌
(
25,158
)
Futures
contracts
...............................................
(
891,260
)
(
200,040
)
(
198,834
)
(
1,386,707
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
28,949,381
‌
76,667,829
‌
35,173,006
‌
266,414,336
‌
In-kind
redemptions
—
affiliated
(a)
....................................
(
198,569
)
—
‌
—
‌
—
‌
3,599,059
‌
64,527,658
‌
24,934,176
‌
189,662,168
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(
25,906,764
)
(
39,529,900
)
(
80,196,483
)
(
1,213,147,685
)
Investments
—
affiliated
...........................................
2,027,723
‌
(
11,487
)
(
2,049
)
(
1,472
)
Futures
contracts
...............................................
606,979
‌
442,307
‌
143,652
‌
246,802
‌
(
23,272,062
)
(
39,099,080
)
(
80,054,880
)
(
1,212,902,355
)
Net
realized
and
unrealized
gain
(loss)
....................................
(
19,673,003
)
25,428,578
‌
(
55,120,704
)
(
1,023,240,187
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
(
398,613
)
$
42,791,679
‌
$
(
48,571,209
)
$
(
1,007,531,903
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
87
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................
$
7,850,116
‌
$
14,023,667
‌
Dividends
—
affiliated
..............................................................................
10,590
‌
14,796
‌
Interest
—
unaffiliated
..............................................................................
122
‌
274
‌
Securities
lending
income
—
affiliated
—
net
...............................................................
101,554
‌
5,643
‌
Foreign
taxes
withheld
.............................................................................
—
‌
(
10,170
)
Total
investment
income
..............................................................................
7,962,382
‌
14,034,210
‌
EXPENSES
Investment
advisory
...............................................................................
1,786,924
‌
2,051,901
‌
Total
expenses
....................................................................................
1,786,924
‌
2,051,901
‌
Net
investment
income
...............................................................................
6,175,458
‌
11,982,309
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................
(
18,888,199
)
(
1,734,691
)
Investments
—
affiliated
...........................................................................
5,343
‌
(
4,848
)
Futures
contracts
...............................................................................
(
412,835
)
(
99,806
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................
(
27,713,740
)
26,982,836
‌
(
47,009,431
)
25,143,491
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
(
86,643,119
)
(
85,914,474
)
Investments
—
affiliated
...........................................................................
(
15,164
)
(
173
)
Futures
contracts
...............................................................................
67,391
‌
(
168,071
)
(
86,590,892
)
(
86,082,718
)
Net
realized
and
unrealized
loss
.........................................................................
(
133,600,323
)
(
60,939,227
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................
$
(
127,424,865
)
$
(
48,956,918
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
88
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
iShares
MSCI
KLD
400
Social
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
11,113,883
‌
$
19,037,512
‌
$
25,223,222
‌
$
39,114,060
‌
Net
realized
gain
.............................................
16,762,427
‌
73,031,487
‌
57,513,116
‌
199,779,878
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
121,975,748
)
(
135,465,859
)
(
388,967,075
)
(
328,578,348
)
Net
decrease
in
net
assets
resulting
from
operations
.......................
(
94,099,438
)
(
43,396,860
)
(
306,230,737
)
(
89,684,410
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
10,372,284
)
(
18,957,187
)
(
23,885,665
)
(
39,133,562
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..............
30,075,941
‌
8,199,868
‌
250,264,201
‌
633,066,989
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
74,395,781
)
(
54,154,179
)
(
79,852,201
)
504,249,017
‌
Beginning
of
period
.............................................
1,559,426,251
‌
1,613,580,430
‌
3,613,714,403
‌
3,109,465,386
‌
End
of
period
.................................................
$
1,485,030,470
‌
$
1,559,426,251
‌
$
3,533,862,202
‌
$
3,613,714,403
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
89
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
iShares
U.S.
Basic
Materials
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
26,279,302
‌
$
42,956,098
‌
$
11,301,460
‌
$
14,636,599
‌
Net
realized
gain
(loss)
.........................................
7,036,739
‌
334,495,226
‌
(
63,676,330
)
123,620,508
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
256,783,100
)
(
555,738,306
)
(
121,849,944
)
(
93,530,036
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
223,467,059
)
(
178,286,982
)
(
174,224,814
)
44,727,071
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
23,752,405
)
(
43,477,209
)
(
11,845,904
)
(
13,985,668
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
158,724,523
)
826,479,467
‌
(
104,812,666
)
316,101,233
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
405,943,987
)
604,715,276
‌
(
290,883,384
)
346,842,636
‌
Beginning
of
period
.............................................
3,662,646,233
‌
3,057,930,957
‌
1,126,326,139
‌
779,483,503
‌
End
of
period
.................................................
$
3,256,702,246
‌
$
3,662,646,233
‌
$
835,442,755
‌
$
1,126,326,139
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
90
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
iShares
U.S.
Consumer
Staples
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
2,193,379
‌
$
5,281,075
‌
$
17,893,530
‌
$
15,447,986
‌
Net
realized
gain
(loss)
.........................................
(
30,451,908
)
375,899,658
‌
22,442,094
‌
123,499,256
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
44,535,544
)
(
549,426,537
)
(
78,300,665
)
(
28,423,614
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
72,794,073
)
(
168,245,804
)
(
37,965,041
)
110,523,628
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
2,342,601
)
(
5,634,523
)
(
16,011,983
)
(
13,054,119
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
86,460,075
)
(
552,919,725
)
615,922,977
‌
345,936,728
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
161,596,749
)
(
726,800,052
)
561,945,953
‌
443,406,237
‌
Beginning
of
period
.............................................
856,865,879
‌
1,583,665,931
‌
1,134,954,329
‌
691,548,092
‌
End
of
period
.................................................
$
695,269,130
‌
$
856,865,879
‌
$
1,696,900,282
‌
$
1,134,954,329
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
91
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
iShares
U.S.
Financial
Services
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
50,734,414
‌
$
89,420,483
‌
$
14,427,345
‌
$
35,975,249
‌
Net
realized
gain
.............................................
596,779,043
‌
42,606,614
‌
29,011,394
‌
119,902,551
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
144,507,701
)
1,040,590,620
‌
(
93,954,649
)
(
394,690,665
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
503,005,756
‌
1,172,617,717
‌
(
50,515,910
)
(
238,812,865
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
47,532,504
)
(
92,818,427
)
(
15,675,871
)
(
34,305,475
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
1,651,536,969
)
370,522,917
‌
(
533,207,262
)
666,824,707
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
1,196,063,717
)
1,450,322,207
‌
(
599,399,043
)
393,706,367
‌
Beginning
of
period
.............................................
3,552,780,964
‌
2,102,458,757
‌
2,029,031,311
‌
1,635,324,944
‌
End
of
period
.................................................
$
2,356,717,247
‌
$
3,552,780,964
‌
$
1,429,632,268
‌
$
2,029,031,311
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
92
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
iShares
U.S.
Healthcare
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
19,274,390
‌
$
34,107,926
‌
$
17,363,101
‌
$
29,784,855
‌
Net
realized
gain
.............................................
3,599,059
‌
270,944,230
‌
64,527,658
‌
246,745,700
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
23,272,062
)
(
411,469,851
)
(
39,099,080
)
(
175,109,337
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
398,613
)
(
106,417,695
)
42,791,679
‌
101,421,218
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
17,500,691
)
(
33,553,578
)
(
18,085,226
)
(
29,723,391
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
33,045,404
)
(
113,282,168
)
378,271,602
‌
190,045,697
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
50,944,708
)
(
253,253,441
)
402,978,055
‌
261,743,524
‌
Beginning
of
period
.............................................
2,099,948,853
‌
2,353,202,294
‌
2,826,782,422
‌
2,565,038,898
‌
End
of
period
.................................................
$
2,049,004,145
‌
$
2,099,948,853
‌
$
3,229,760,477
‌
$
2,826,782,422
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
93
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
iShares
U.S.
Technology
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
6,549,495
‌
$
13,236,270
‌
$
15,708,284
‌
$
20,748,046
‌
Net
realized
gain
.............................................
24,934,176
‌
232,088,818
‌
189,662,168
‌
1,677,115,088
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
80,054,880
)
(
409,382,465
)
(
1,212,902,355
)
(
2,050,780,033
)
Net
decrease
in
net
assets
resulting
from
operations
.......................
(
48,571,209
)
(
164,057,377
)
(
1,007,531,903
)
(
352,916,899
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
6,338,736
)
(
13,540,660
)
(
14,975,836
)
(
25,450,503
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
153,881,231
)
(
271,270,619
)
1,698,472,228
‌
459,545,739
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
208,791,176
)
(
448,868,656
)
675,964,489
‌
81,178,337
‌
Beginning
of
period
.............................................
1,249,091,890
‌
1,697,960,546
‌
7,338,433,566
‌
7,257,255,229
‌
End
of
period
.................................................
$
1,040,300,714
‌
$
1,249,091,890
‌
$
8,014,398,055
‌
$
7,338,433,566
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
94
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
iShares
U.S.
Utilities
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
6,175,458
‌
$
13,777,334
‌
$
11,982,309
‌
$
20,046,136
‌
Net
realized
gain
(loss)
.........................................
(
47,009,431
)
334,381,771
‌
25,143,491
‌
(
4,380,587
)
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
86,590,892
)
(
518,965,588
)
(
86,082,718
)
55,725,844
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
127,424,865
)
(
170,806,483
)
(
48,956,918
)
71,391,393
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
5,724,724
)
(
14,205,923
)
(
11,361,799
)
(
20,890,534
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
269,729,908
)
(
781,017,714
)
75,152,451
‌
98,397,603
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
402,879,497
)
(
966,030,120
)
14,833,734
‌
148,898,462
‌
Beginning
of
period
.............................................
1,178,276,013
‌
2,144,306,133
‌
970,990,221
‌
822,091,759
‌
End
of
period
.................................................
$
775,396,516
‌
$
1,178,276,013
‌
$
985,823,955
‌
$
970,990,221
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
95
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Dow
Jones
U.S.
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
......
$
101.26
‌
$
105.12
‌
$
71.50
‌
$
73.44
‌
$
66.25
‌
$
59.73
‌
Net
investment
income
(b)
..............
0
.72
‌
1
.23
‌
1
.19
‌
1
.28
‌
1
.20
‌
1
.10
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....
(
6
.72
)
(
3
.87
)
33.68
‌
(
1
.75
)
7
.23
‌
6
.51
‌
Net
increase
(decrease)
from
investment
operations
........................
(
6
.00
)
(
2
.64
)
34.87
‌
(
0
.47
)
8
.43
‌
7
.61
‌
Distributions
from
net
investment
income
(d)
....
(
0
.67
)
(
1
.22
)
(
1
.25
)
(
1
.47
)
(
1
.24
)
(
1
.09
)
Net
asset
value,
end
of
period
...........
$
94.59
‌
$
101.26
‌
$
105.12
‌
$
71.50
‌
$
73.44
‌
$
66.25
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
5
.91
)
%
(f)
(
2
.61
)
%
49.18
%
(
0
.63
)
%
12.89
%
12.81
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
......................
0
.20
%
(h)
0
.20
%
0
.20
%
0
.20
%
0
.20
%
0
.20
%
Net
investment
income
.................
1
.49
%
(h)
1
.11
%
1
.35
%
1
.72
%
1
.74
%
1
.70
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,485,030
‌
$
1,559,426
‌
$
1,613,580
‌
$
1,158,276
‌
$
1,241,141
‌
$
1,126,170
‌
Portfolio
turnover
rate
(i)
.................
2
%
4
%
4
%
4
%
5
%
4
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
96
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
KLD
400
Social
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
.......
$
78.64
‌
$
80.24
‌
$
55.03
‌
$
54.88
‌
$
49.07
‌
$
44.01
‌
Net
investment
income
(b)
...............
0
.52
‌
0
.92
‌
0
.86
‌
0
.90
‌
0
.83
‌
0
.68
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(
6
.92
)
(
1
.61
)
25.19
‌
0
.14
‌
5
.82
‌
5
.01
‌
Net
increase
(decrease)
from
investment
operations
.........................
(
6
.40
)
(
0
.69
)
26.05
‌
1
.04
‌
6
.65
‌
5
.69
‌
Distributions
from
net
investment
income
(d)
.....
(
0
.49
)
(
0
.91
)
(
0
.84
)
(
0
.89
)
(
0
.84
)
(
0
.63
)
Net
asset
value,
end
of
period
............
$
71.75
‌
$
78.64
‌
$
80.24
‌
$
55.03
‌
$
54.88
‌
$
49.07
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(
8
.14
)
%
(f)
(
0
.95
)
%
47.69
%
1
.95
%
13.70
%
12.99
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.28
%
0
.50
%
Total
expenses
after
fees
waived
...........
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.48
%
Net
investment
income
..................
1
.38
%
(h)
1
.07
%
1
.27
%
1
.61
%
1
.61
%
1
.43
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
3,533,862
‌
$
3,613,714
‌
$
3,109,465
‌
$
1,793,824
‌
$
1,415,953
‌
$
1,035,423
‌
Portfolio
turnover
rate
(i)
..................
2
%
6
%
5
%
6
%
13
%
11
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
97
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
ESG
Select
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
.......
$
88.58
‌
$
92.11
‌
$
61.68
‌
$
61.08
‌
$
55.42
‌
$
49.86
‌
Net
investment
income
(b)
...............
0
.66
‌
1
.09
‌
1
.03
‌
1
.00
‌
0
.98
‌
0
.84
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(
6
.09
)
(
3
.54
)
30.38
‌
0
.65
‌
5
.62
‌
5
.50
‌
Net
increase
(decrease)
from
investment
operations
.........................
(
5
.43
)
(
2
.45
)
31.41
‌
1
.65
‌
6
.60
‌
6
.34
‌
Distributions
from
net
investment
income
(d)
.....
(
0
.60
)
(
1
.08
)
(
0
.98
)
(
1
.05
)
(
0
.94
)
(
0
.78
)
Net
asset
value,
end
of
period
............
$
82.55
‌
$
88.58
‌
$
92.11
‌
$
61.68
‌
$
61.08
‌
$
55.42
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(
6
.11
)
%
(f)
(
2
.77
)
%
51.29
%
2
.76
%
12.07
%
12.76
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.28
%
0
.50
%
Total
expenses
after
fees
waived
...........
0
.25
%
(h)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.48
%
Net
investment
income
..................
1
.55
%
(h)
1
.11
%
1
.31
%
1
.61
%
1
.71
%
1
.56
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
3,256,702
‌
$
3,662,646
‌
$
3,057,931
‌
$
1,289,055
‌
$
1,001,715
‌
$
681,607
‌
Portfolio
turnover
rate
(i)
..................
9
%
19
%
27
%
13
%
21
%
13
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
98
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Basic
Materials
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
......
$
140.79
‌
$
131.01
‌
$
81.27
‌
$
94.03
‌
$
97.37
‌
$
89.37
‌
Net
investment
income
(a)
..............
1
.47
‌
2
.16
‌
1
.78
‌
1
.65
‌
1
.63
‌
1
.39
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
22.22
)
9
.70
‌
49.62
‌
(
12.42
)
(
3
.49
)
8
.16
‌
Net
increase
(decrease)
from
investment
operations
........................
(
20.75
)
11.86
‌
51.40
‌
(
10.77
)
(
1
.86
)
9
.55
‌
Distributions
from
net
investment
income
(c)
....
(
1
.54
)
(
2
.08
)
(
1
.66
)
(
1
.99
)
(
1
.48
)
(
1
.55
)
Net
asset
value,
end
of
period
...........
$
118.50
‌
$
140.79
‌
$
131.01
‌
$
81.27
‌
$
94.03
‌
$
97.37
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
14.75
)
%
(e)
9
.13
%
63.81
%
(
11.59
)
%
(
1
.89
)
%
10.74
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.43
%
0
.42
%
0
.43
%
Net
investment
income
.................
2
.35
%
(g)
1
.60
%
1
.64
%
1
.83
%
1
.71
%
1
.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
835,443
‌
$
1,126,326
‌
$
779,484
‌
$
256,007
‌
$
423,128
‌
$
632,934
‌
Portfolio
turnover
rate
(h)
.................
26
%
47
%
28
%
11
%
28
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
99
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Discretionary
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
......
$
66.68
‌
$
78.01
‌
$
51.17
‌
$
54.31
‌
$
46.36
‌
$
41.31
‌
Net
investment
income
(b)
..............
0
.18
‌
0
.31
‌
0
.44
‌
0
.52
‌
0
.40
‌
0
.45
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....
(
5
.40
)
(
11.31
)
26.82
‌
(
3
.11
)
7
.94
‌
5
.03
‌
Net
increase
(decrease)
from
investment
operations
........................
(
5
.22
)
(
11.00
)
27.26
‌
(
2
.59
)
8
.34
‌
5
.48
‌
Distributions
from
net
investment
income
(d)
....
(
0
.20
)
(
0
.33
)
(
0
.42
)
(
0
.55
)
(
0
.39
)
(
0
.43
)
Net
asset
value,
end
of
period
...........
$
61.26
‌
$
66.68
‌
$
78.01
‌
$
51.17
‌
$
54.31
‌
$
46.36
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
7
.83
)
%
(f)
(
14.16
)
%
53.48
%
(
4
.79
)
%
18.09
%
13.35
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(h)
0
.39
%
0
.41
%
0
.43
%
0
.42
%
0
.43
%
Net
investment
income
.................
0
.58
%
(h)
0
.39
%
0
.67
%
0
.96
%
0
.81
%
1
.04
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
695,269
‌
$
856,866
‌
$
1,583,666
‌
$
798,171
‌
$
934,120
‌
$
741,682
‌
Portfolio
turnover
rate
(i)
.................
14
%
45
%
20
%
31
%
15
%
10
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
100
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Consumer
Staples
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
......
$
206.36
‌
$
181.99
‌
$
119.38
‌
$
123.43
‌
$
114.08
‌
$
119.04
‌
Net
investment
income
(a)
..............
2
.46
‌
3
.80
‌
2
.44
‌
2
.77
‌
3
.04
‌
2
.50
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
9
.37
)
23.80
‌
62.57
‌
(
3
.83
)
9
.24
‌
(
5
.24
)
Net
increase
(decrease)
from
investment
operations
........................
(
6
.91
)
27.60
‌
65.01
‌
(
1
.06
)
12.28
‌
(
2
.74
)
Distributions
from
net
investment
income
(c)
....
(
2
.14
)
(
3
.23
)
(
2
.40
)
(
2
.99
)
(
2
.93
)
(
2
.22
)
Net
asset
value,
end
of
period
...........
$
197.31
‌
$
206.36
‌
$
181.99
‌
$
119.38
‌
$
123.43
‌
$
114.08
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
3
.30
)
%
(e)
15.33
%
54.87
%
(
0
.86
)
%
10.95
%
(
2
.41
)
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.43
%
0
.42
%
0
.43
%
Net
investment
income
.................
2
.50
%
(g)
1
.99
%
1
.57
%
2
.22
%
2
.61
%
2
.05
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,696,900
‌
$
1,134,954
‌
$
691,548
‌
$
471,555
‌
$
469,043
‌
$
433,499
‌
Portfolio
turnover
rate
(h)
.................
3
%
33
%
4
%
5
%
4
%
7
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
101
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Energy
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
......
$
39.92
‌
$
26.40
‌
$
20.06
‌
$
35.96
‌
$
40.47
‌
$
37.27
‌
Net
investment
income
(a)
..............
0
.84
‌
1
.07
‌
0
.80
‌
1
.02
‌
0
.89
‌
1
.07
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
8
.41
‌
13.56
‌
6
.36
‌
(
14.81
)
(
4
.43
)
3
.25
‌
Net
increase
(decrease)
from
investment
operations
........................
9
.25
‌
14.63
‌
7
.16
‌
(
13.79
)
(
3
.54
)
4
.32
‌
Distributions
from
net
investment
income
(c)
....
(
0
.83
)
(
1
.11
)
(
0
.82
)
(
2
.11
)
(
0
.97
)
(
1
.12
)
Net
asset
value,
end
of
period
...........
$
48.34
‌
$
39.92
‌
$
26.40
‌
$
20.06
‌
$
35.96
‌
$
40.47
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
23.55
%
(e)
56.56
%
37.20
%
(
39.91
)
%
(
8
.83
)
%
11.92
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
.................
3
.95
%
(g)
3
.38
%
3
.62
%
3
.42
%
2
.33
%
2
.87
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
2,356,717
‌
$
3,552,781
‌
$
2,102,459
‌
$
459,456
‌
$
789,226
‌
$
1,088,740
‌
Portfolio
turnover
rate
(h)
.................
7
%
17
%
15
%
12
%
6
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
102
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Financial
Services
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
......
$
162.97
‌
$
182.72
‌
$
115.36
‌
$
136.07
‌
$
130.98
‌
$
108.38
‌
Net
investment
income
(a)
..............
1
.49
‌
2
.76
‌
2
.52
‌
2
.58
‌
2
.17
‌
1
.73
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
3
.97
)
(
19.91
)
67.20
‌
(
20.69
)
5
.12
‌
22.56
‌
Net
increase
(decrease)
from
investment
operations
........................
(
2
.48
)
(
17.15
)
69.72
‌
(
18.11
)
7
.29
‌
24.29
‌
Distributions
from
net
investment
income
(c)
....
(
1
.64
)
(
2
.60
)
(
2
.36
)
(
2
.60
)
(
2
.20
)
(
1
.69
)
Net
asset
value,
end
of
period
...........
$
158.85
‌
$
162.97
‌
$
182.72
‌
$
115.36
‌
$
136.07
‌
$
130.98
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
1
.47
)
%
(e)
(
9
.57
)
%
61.14
%
(
13.46
)
%
5
.72
%
22.53
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
.................
1
.89
%
(g)
1
.46
%
1
.85
%
1
.90
%
1
.68
%
1
.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,429,632
‌
$
2,029,031
‌
$
1,635,325
‌
$
865,166
‌
$
1,435,523
‌
$
1,643,780
‌
Portfolio
turnover
rate
(h)
.................
2
%
5
%
7
%
7
%
4
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
103
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Financials
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
.......
$
75.81
‌
$
80.18
‌
$
53.39
‌
$
62.97
‌
$
58.86
‌
$
51.90
‌
Net
investment
income
(b)
...............
0
.71
‌
1
.20
‌
1
.09
‌
1
.17
‌
1
.04
‌
0
.91
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(
0
.41
)
(
4
.38
)
26.76
‌
(
9
.55
)
4
.16
‌
6
.95
‌
Net
increase
(decrease)
from
investment
operations
.........................
0
.30
‌
(
3
.18
)
27.85
‌
(
8
.38
)
5
.20
‌
7
.86
‌
Distributions
from
net
investment
income
(d)
.....
(
0
.64
)
(
1
.19
)
(
1
.06
)
(
1
.20
)
(
1
.09
)
(
0
.90
)
Net
asset
value,
end
of
period
............
$
75.47
‌
$
75.81
‌
$
80.18
‌
$
53.39
‌
$
62.97
‌
$
58.86
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
0
.46
%
(f)
(
4
.11
)
%
52.80
%
(
13.47
)
%
9
.01
%
15.21
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.40
%
(h)
0
.39
%
0
.41
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
..................
1
.93
%
(h)
1
.42
%
1
.72
%
1
.85
%
1
.75
%
1
.59
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
2,049,004
‌
$
2,099,949
‌
$
2,353,202
‌
$
1,233,235
‌
$
1,693,736
‌
$
2,295,315
‌
Portfolio
turnover
rate
(i)
..................
5
%
24
%
9
%
6
%
8
%
6
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
104
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
.......
$
273.12
‌
$
263.08
‌
$
212.48
‌
$
188.15
‌
$
173.95
‌
$
158.62
‌
Net
investment
income
(a)
...............
1
.57
‌
2
.89
‌
2
.65
‌
2
.49
‌
2
.26
‌
1
.99
‌
Net
realized
and
unrealized
gain
(b)
.........
2
.98
‌
10.00
‌
50.86
‌
24.38
‌
15.50
‌
15.31
‌
Net
increase
from
investment
operations
......
4
.55
‌
12.89
‌
53.51
‌
26.87
‌
17.76
‌
17.30
‌
Distributions
from
net
investment
income
(c)
.....
(
1
.62
)
(
2
.85
)
(
2
.91
)
(
2
.54
)
(
3
.56
)
(
1
.97
)
Net
asset
value,
end
of
period
............
$
276.05
‌
$
273.12
‌
$
263.08
‌
$
212.48
‌
$
188.15
‌
$
173.95
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
1
.71
%
(e)
4
.86
%
25.40
%
14.44
%
10.27
%
10.93
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.43
%
0
.43
%
0
.43
%
Net
investment
income
..................
1
.16
%
(g)
1
.03
%
1
.13
%
1
.25
%
1
.19
%
1
.16
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
3,229,760
‌
$
2,826,782
‌
$
2,565,039
‌
$
2,432,933
‌
$
2,097,818
‌
$
1,800,336
‌
Portfolio
turnover
rate
(h)
..................
2
%
7
%
6
%
5
%
6
%
7
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
105
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Industrials
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
......
$
97.59
‌
$
110.26
‌
$
68.98
‌
$
79.12
‌
$
70.80
‌
$
64.30
‌
Net
investment
income
(b)
..............
0
.54
‌
0
.89
‌
0
.90
‌
1
.03
‌
0
.95
‌
0
.89
‌
Net
realized
and
unrealized
gain
(loss)
(c)
....
(
3
.48
)
(
12.64
)
41.28
‌
(
10.11
)
8
.39
‌
6
.53
‌
Net
increase
(decrease)
from
investment
operations
........................
(
2
.94
)
(
11.75
)
42.18
‌
(
9
.08
)
9
.34
‌
7
.42
‌
Distributions
from
net
investment
income
(d)
....
(
0
.51
)
(
0
.92
)
(
0
.90
)
(
1
.06
)
(
1
.02
)
(
0
.92
)
Net
asset
value,
end
of
period
...........
$
94.14
‌
$
97.59
‌
$
110.26
‌
$
68.98
‌
$
79.12
‌
$
70.80
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
2
.98
)
%
(f)
(
10.75
)
%
61.51
%
(
11.57
)
%
13.34
%
11.57
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(h)
0
.39
%
0
.41
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
.................
1
.15
%
(h)
0
.81
%
0
.99
%
1
.32
%
1
.29
%
1
.27
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,040,301
‌
$
1,249,092
‌
$
1,697,961
‌
$
682,848
‌
$
941,547
‌
$
1,033,654
‌
Portfolio
turnover
rate
(i)
.................
2
%
26
%
5
%
4
%
5
%
7
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
106
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Technology
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
.......
$
89.60
‌
$
92.98
‌
$
58.58
‌
$
50.85
‌
$
41.99
‌
$
34.55
‌
Net
investment
income
(b)
...............
0
.19
‌
0
.25
‌
0
.37
‌
0
.48
‌
0
.40
‌
0
.32
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(
13.24
)
(
3
.33
)
34.42
‌
7
.75
‌
8
.84
‌
7
.46
‌
Net
increase
(decrease)
from
investment
operations
.........................
(
13.05
)
(
3
.08
)
34.79
‌
8
.23
‌
9
.24
‌
7
.78
‌
Distributions
from
net
investment
income
(d)
.....
(
0
.19
)
(
0
.30
)
(
0
.39
)
(
0
.50
)
(
0
.38
)
(
0
.34
)
Net
asset
value,
end
of
period
............
$
76.36
‌
$
89.60
‌
$
92.98
‌
$
58.58
‌
$
50.85
‌
$
41.99
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(
14.57
)
%
(f)
(
3
.35
)
%
59.56
%
16.34
%
22.10
%
22.62
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.40
%
(h)
0
.39
%
0
.41
%
0
.43
%
0
.42
%
0
.43
%
Net
investment
income
..................
0
.46
%
(h)
0
.24
%
0
.47
%
0
.89
%
0
.87
%
0
.80
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
8,014,398
‌
$
7,338,434
‌
$
7,257,255
‌
$
4,862,141
‌
$
4,271,433
‌
$
4,031,372
‌
Portfolio
turnover
rate
(i)
..................
6
%
13
%
12
%
16
%
19
%
15
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
107
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Transportation
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
Year
Ended
04/30/20
Year
Ended
04/30/19
Year
Ended
04/30/18
Net
asset
value,
beginning
of
period
......
$
242.94
‌
$
269.72
‌
$
149.76
‌
$
195.07
‌
$
187.76
‌
$
163.83
‌
Net
investment
income
(a)
..............
1
.57
‌
2
.08
‌
1
.95
‌
2
.55
‌
2
.12
‌
1
.91
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
30.70
)
(
26.68
)
119.89
‌
(
45.09
)
7
.34
‌
24.02
‌
Net
increase
(decrease)
from
investment
operations
........................
(
29.13
)
(
24.60
)
121.84
‌
(
42.54
)
9
.46
‌
25.93
‌
Distributions
from
net
investment
income
(c)
....
(
1
.37
)
(
2
.18
)
(
1
.88
)
(
2
.77
)
(
2
.15
)
(
2
.00
)
Net
asset
value,
end
of
period
...........
$
212.44
‌
$
242.94
‌
$
269.72
‌
$
149.76
‌
$
195.07
‌
$
187.76
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
11.99
)
%
(e)
(
9
.18
)
%
81.75
%
(
21.92
)
%
5
.12
%
15.88
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.40
%
(g)
0
.39
%
0
.41
%
0
.42
%
0
.42
%
0
.43
%
Net
investment
income
.................
1
.39
%
(g)
0
.80
%
0
.90
%
1
.40
%
1
.11
%
1
.07
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
775,397
‌
$
1,178,276
‌
$
2,144,306
‌
$
456,765
‌
$
575,444
‌
$
807,349
‌
Portfolio
turnover
rate
(h)
.................
5
%
72
%
80
%
35
%
17
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
108
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Utilities
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Year
Ended
04/30/18
(a)
Net
asset
value,
beginning
of
period
.......
$
87.48
‌
$
82.62
‌
$
71.20
‌
$
74.36
‌
$
65.22
‌
$
64.65
‌
Net
investment
income
(b)
...............
1
.03
‌
1
.98
‌
2
.10
‌
2
.10
‌
2
.02
‌
1
.90
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(
5
.03
)
4
.95
‌
11.60
‌
(
3
.06
)
9
.06
‌
0
.42
‌
Net
increase
(decrease)
from
investment
operations
.........................
(
4
.00
)
6
.93
‌
13.70
‌
(
0
.96
)
11.08
‌
2
.32
‌
Distributions
from
net
investment
income
(d)
.....
(
0
.98
)
(
2
.07
)
(
2
.28
)
(
2
.20
)
(
1
.94
)
(
1
.75
)
Net
asset
value,
end
of
period
............
$
82.50
‌
$
87.48
‌
$
82.62
‌
$
71.20
‌
$
74.36
‌
$
65.22
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(
4
.63
)
%
(f)
8
.52
%
19.66
%
(
1
.39
)
%
17.29
%
3
.59
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.40
%
(h)
0
.39
%
0
.41
%
0
.43
%
0
.43
%
0
.43
%
Net
investment
income
..................
2
.35
%
(h)
2
.35
%
2
.78
%
2
.70
%
2
.94
%
2
.86
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
985,824
‌
$
970,990
‌
$
822,092
‌
$
875,673
‌
$
810,455
‌
$
606,486
‌
Portfolio
turnover
rate
(i)
..................
2
%
14
%
5
%
4
%
6
%
5
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
109
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
October
31,
2022,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
iShares
ETF
Diversification
Classification
Dow
Jones
U.S.
......................................................................................................
Diversified
MSCI
KLD
400
Social
..................................................................................................
Diversified
MSCI
USA
ESG
Select
.................................................................................................
Diversified
U.S.
Basic
Materials
...................................................................................................
Non-diversified
U.S.
Consumer
Discretionary
.............................................................................................
Diversified
U.S.
Consumer
Staples
................................................................................................
Non-diversified
U.S.
Energy
........................................................................................................
Non-diversified
U.S.
Financial
Services
.................................................................................................
Non-diversified
U.S.
Financials
......................................................................................................
Diversified
U.S.
Healthcare
......................................................................................................
Non-diversified
U.S.
Industrials
......................................................................................................
Diversified
U.S.
Technology
.....................................................................................................
Non-diversified
U.S.
Transportation
...................................................................................................
Non-diversified
U.S.
Utilities
........................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
110
2022
iShares
Semi-Annual
Report
to
Shareholders
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
Notes
to
Financial
Statements
(unaudited)
(
continued)
111
Notes
to
Financial
Statements
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Dow
Jones
U.S.
Barclays
Bank
PLC
...............................................
$
842,416‌
$
(842,416‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
86‌
(86‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
220,152‌
(220,152‌)
—‌
—‌
BNP
Paribas
SA
.................................................
3,995,722‌
(3,995,467‌)
—‌
255‌
BofA
Securities,
Inc.
..............................................
854,004‌
(854,004‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,669,480‌
(2,669,480‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
6,111,704‌
(6,111,704‌)
—‌
—‌
HSBC
Bank
PLC
................................................
59,055‌
(59,055‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,795,737‌
(2,795,737‌)
—‌
—‌
Jefferies
LLC
...................................................
58,077‌
(58,077‌)
—‌
—‌
Morgan
Stanley
.................................................
1,237,137‌
(1,237,137‌)
—‌
—‌
National
Financial
Services
LLC
......................................
283,093‌
(283,093‌)
—‌
—‌
Natixis
SA
.....................................................
28,065‌
(28,009‌)
—‌
56‌
RBC
Capital
Markets
LLC
..........................................
1,000,603‌
(1,000,603‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
395,847‌
(384,996‌)
—‌
10,851‌
Toronto-Dominion
Bank
............................................
1,460,022‌
(1,460,022‌)
—‌
—‌
UBS
AG
......................................................
407,482‌
(407,482‌)
—‌
—‌
UBS
Securities
LLC
..............................................
1,050,023‌
(1,050,023‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
334,373‌
(334,373‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
473,572‌
(473,572‌)
—‌
—‌
$
24,276,650‌
$
(24,265,488‌)
$
—‌
$
11,162‌
a
MSCI
KLD
400
Social
Barclays
Bank
PLC
...............................................
9,446‌
(9,446‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
138,719‌
(138,719‌)
—‌
—‌
BNP
Paribas
SA
.................................................
877,205‌
(877,205‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,050,487‌
(1,050,487‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,769,326‌
(1,769,326‌)
—‌
—‌
HSBC
Bank
PLC
................................................
78,794‌
(78,794‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
86,236‌
(86,236‌)
—‌
—‌
Jefferies
LLC
...................................................
981,367‌
(981,367‌)
—‌
—‌
Morgan
Stanley
.................................................
1,822,970‌
(1,822,970‌)
—‌
—‌
National
Financial
Services
LLC
......................................
92,304‌
(92,304‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
1,861,063‌
(1,861,063‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
143,652‌
(143,652‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
129,044‌
(129,044‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
319,714‌
(319,714‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
22,947‌
(22,947‌)
—‌
—‌
$
9,383,274‌
$
(9,383,274‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(continued)
112
2022
iShares
Semi-Annual
Report
to
Shareholders
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
ESG
Select
Barclays
Bank
PLC
...............................................
$
10,060‌
$
(10,060‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
6,116‌
(6,116‌)
—‌
—‌
BNP
Paribas
SA
.................................................
4,758,785‌
(4,758,785‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
6,334,027‌
(6,334,027‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
18,409‌
(18,409‌)
—‌
—‌
HSBC
Bank
PLC
................................................
351,105‌
(351,105‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,184,328‌
(2,184,328‌)
—‌
—‌
Morgan
Stanley
.................................................
2,854,771‌
(2,854,771‌)
—‌
—‌
National
Financial
Services
LLC
......................................
1,348,536‌
(1,348,536‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
55,048‌
(55,048‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
2,071,600‌
(2,071,600‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
4,009,424‌
(4,009,424‌)
—‌
—‌
UBS
Securities
LLC
..............................................
1,388,100‌
(1,388,100‌)
—‌
—‌
$
25,390,309‌
$
(25,390,309‌)
$
—‌
$
—‌
a
U.S.
Basic
Materials
BNP
Paribas
SA
.................................................
4,376,331‌
(4,376,331‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
4,928,518‌
(4,928,518‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
84,775‌
(84,775‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
3,334‌
(3,334‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,528,115‌
(1,528,115‌)
—‌
—‌
Morgan
Stanley
.................................................
1,257,745‌
(1,257,745‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
115,920‌
(115,920‌)
—‌
—‌
$
12,294,738‌
$
(12,294,738‌)
$
—‌
$
—‌
a
U.S.
Consumer
Discretionary
Barclays
Bank
PLC
...............................................
1,188,663‌
(1,187,252‌)
—‌
1,411‌
Barclays
Capital,
Inc.
.............................................
2,043‌
(2,043‌)
—‌
—‌
BNP
Paribas
SA
.................................................
1,558,876‌
(1,552,264‌)
—‌
6,612‌
BofA
Securities,
Inc.
..............................................
12,125‌
(12,125‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
801,357‌
(801,357‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,927,015‌
(1,927,015‌)
—‌
—‌
HSBC
Bank
PLC
................................................
599,065‌
(599,065‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,583,233‌
(1,583,233‌)
—‌
—‌
Jefferies
LLC
...................................................
1,990,585‌
(1,990,585‌)
—‌
—‌
Morgan
Stanley
.................................................
1,347,752‌
(1,347,752‌)
—‌
—‌
National
Financial
Services
LLC
......................................
1,167,584‌
(1,167,584‌)
—‌
—‌
Natixis
SA
.....................................................
5,168‌
(5,165‌)
—‌
3‌
RBC
Capital
Markets
LLC
..........................................
1,443,610‌
(1,437,707‌)
—‌
5,903‌
SG
Americas
Securities
LLC
........................................
266,775‌
(266,775‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
801,649‌
(801,649‌)
—‌
—‌
UBS
AG
......................................................
93,445‌
(93,445‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
1,318,531‌
(1,318,531‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
52,639‌
(52,639‌)
—‌
—‌
$
16,160,115‌
$
(16,146,186‌)
$
—‌
$
13,929‌
a
U.S.
Consumer
Staples
HSBC
Bank
PLC
................................................
10,788‌
(10,788‌)
—‌
—‌
Morgan
Stanley
.................................................
8,060,468‌
(8,060,468‌)
—‌
—‌
Natixis
SA
.....................................................
4,716‌
(4,716‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
158,634‌
(158,634‌)
—‌
—‌
$
8,234,606‌
$
(8,234,606‌)
$
—‌
$
—‌
a
U.S.
Energy
Barclays
Bank
PLC
...............................................
3,349,678‌
(3,349,678‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
1,870,477‌
(1,870,477‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
3,735,123‌
(3,735,123‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
2,122,864‌
(2,122,864‌)
—‌
—‌
Jefferies
LLC
...................................................
34,950‌
(34,950‌)
—‌
—‌
UBS
Securities
LLC
..............................................
1,919,218‌
(1,919,218‌)
—‌
—‌
$
13,032,310‌
$
(13,032,310‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(
continued)
113
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Financial
Services
Barclays
Bank
PLC
...............................................
$
560,696‌
$
(560,696‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................................
5,507,215‌
(5,507,215‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
4,191‌
(4,191‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
307,851‌
(307,776‌)
—‌
75‌
J.P.
Morgan
Securities
LLC
.........................................
633,663‌
(633,663‌)
—‌
—‌
Morgan
Stanley
.................................................
727,448‌
(727,448‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
25,889‌
(24,532‌)
—‌
1,357‌
UBS
AG
......................................................
76,414‌
(76,414‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
340,856‌
(340,856‌)
—‌
—‌
$
8,184,223‌
$
(8,182,791‌)
$
—‌
$
1,432‌
a
U.S.
Financials
Barclays
Bank
PLC
...............................................
23,463‌
(23,463‌)
—‌
—‌
BNP
Paribas
SA
.................................................
3,017,456‌
(3,017,456‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
11,790,284‌
(11,790,284‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
7,552‌
(7,552‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
629,051‌
(629,051‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
474,653‌
(474,653‌)
—‌
—‌
Jefferies
LLC
...................................................
308,178‌
(308,178‌)
—‌
—‌
Morgan
Stanley
.................................................
5,978,094‌
(5,978,094‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
291,965‌
(291,965‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
118,036‌
(118,036‌)
—‌
—‌
$
22,638,732‌
$
(22,638,732‌)
$
—‌
$
—‌
a
U.S.
Healthcare
Barclays
Bank
PLC
...............................................
11,664,509‌
(11,664,509‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
51,107‌
(51,107‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
20,100‌
(20,100‌)
—‌
—‌
BNP
Paribas
SA
.................................................
15,873,886‌
(15,873,886‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
398,633‌
(398,633‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
4,088,827‌
(4,088,827‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
7,409,176‌
(7,409,176‌)
—‌
—‌
HSBC
Bank
PLC
................................................
239,608‌
(239,608‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
11,311,886‌
(11,311,886‌)
—‌
—‌
Morgan
Stanley
.................................................
5,840,537‌
(5,840,537‌)
—‌
—‌
National
Financial
Services
LLC
......................................
206,025‌
(206,025‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
265,600‌
(265,600‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
20,196‌
(20,196‌)
—‌
—‌
UBS
AG
......................................................
480,522‌
(480,522‌)
—‌
—‌
UBS
Securities
LLC
..............................................
12,686‌
(12,686‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
169,881‌
(169,881‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
218,985‌
(218,985‌)
—‌
—‌
$
58,272,164‌
$
(58,272,164‌)
$
—‌
$
—‌
a
U.S.
Industrials
BNP
Paribas
SA
.................................................
1,911,515‌
(1,911,515‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
294,523‌
(294,523‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
4,795,403‌
(4,795,403‌)
—‌
—‌
Jefferies
LLC
...................................................
134,190‌
(134,190‌)
—‌
—‌
National
Financial
Services
LLC
......................................
1,504,888‌
(1,504,888‌)
—‌
—‌
Natixis
SA
.....................................................
255,408‌
(255,408‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
3,119,804‌
(3,119,804‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
5,966,208‌
(5,966,208‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
7,713,265‌
(7,713,265‌)
—‌
—‌
UBS
AG
......................................................
895,474‌
(892,297‌)
—‌
3,177‌
Wells
Fargo
Securities
LLC
.........................................
2,648‌
(2,648‌)
—‌
—‌
$
26,593,326‌
$
(26,590,149‌)
$
—‌
$
3,177‌
a
Notes
to
Financial
Statements
(unaudited)
(continued)
114
2022
iShares
Semi-Annual
Report
to
Shareholders
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Technology
Barclays
Bank
PLC
...............................................
$
232,470‌
$
(232,470‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
1,239,193‌
(1,239,193‌)
—‌
—‌
BNP
Paribas
SA
.................................................
16,305,490‌
(16,305,490‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
786,599‌
(786,599‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,413,724‌
(1,413,724‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,479,765‌
(1,479,765‌)
—‌
—‌
HSBC
Bank
PLC
................................................
4,820,698‌
(4,820,698‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
3,200,601‌
(3,200,601‌)
—‌
—‌
Jefferies
LLC
...................................................
30,192‌
(30,192‌)
—‌
—‌
Morgan
Stanley
.................................................
21,005,842‌
(21,005,842‌)
—‌
—‌
Natixis
SA
.....................................................
521‌
(521‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
4,539,554‌
(4,539,554‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
8,468,785‌
(8,468,785‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
4,245,014‌
(4,245,014‌)
—‌
—‌
UBS
AG
......................................................
4,071‌
(4,071‌)
—‌
—‌
UBS
Securities
LLC
..............................................
10,854‌
(10,854‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
584,986‌
(584,986‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
2,628,627‌
(2,628,627‌)
—‌
—‌
$
70,996,986‌
$
(70,996,986‌)
$
—‌
$
—‌
a
U.S.
Transportation
Barclays
Bank
PLC
...............................................
2,340,172‌
(2,340,172‌)
—‌
—‌
BNP
Paribas
SA
.................................................
579,771‌
(579,771‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
429,442‌
(429,084‌)
—‌
358‌
Citigroup
Global
Markets,
Inc.
........................................
498,126‌
(498,126‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
391,852‌
(391,852‌)
—‌
—‌
HSBC
Bank
PLC
................................................
294,594‌
(292,827‌)
—‌
1,767‌
J.P.
Morgan
Securities
LLC
.........................................
17,569,732‌
(17,569,732‌)
—‌
—‌
Jefferies
LLC
...................................................
147,350‌
(147,350‌)
—‌
—‌
Morgan
Stanley
.................................................
2,621,460‌
(2,621,460‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
17,781,871‌
(17,781,871‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
273,712‌
(273,712‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
3,687,008‌
(3,687,008‌)
—‌
—‌
UBS
AG
......................................................
2,110,086‌
(2,097,334‌)
—‌
12,752‌
$
48,725,176‌
$
(48,710,299‌)
$
—‌
$
14,877‌
a
U.S.
Utilities
BMO
Capital
Markets
Corp.
.........................................
13,498‌
(13,498‌)
—‌
—‌
BNP
Paribas
SA
.................................................
1,129,505‌
(1,129,505‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
5,997,381‌
(5,997,381‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
654,817‌
(654,817‌)
—‌
—‌
Jefferies
LLC
...................................................
11,944‌
(11,944‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
900,400‌
(899,544‌)
—‌
856‌
Wells
Fargo
Bank
N.A.
............................................
164,459‌
(164,459‌)
—‌
—‌
$
8,872,004‌
$
(8,871,148‌)
$
—‌
$
856‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
October
31,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(
continued)
115
Notes
to
Financial
Statements
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to
each
of
the
following
Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund
as
follows:
For
its
investment
advisory
services
to
each
Fund,
except
for
the
iShares
Dow
Jones
U.S,
iShares
MSCI
KLD
400
Social
and
iShares
MSCI
USA
ESG
Select
ETFs,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
11,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Dow
Jones
U.S.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.20%
MSCI
KLD
400
Social
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
.
.
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.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25
MSCI
USA
ESG
Select
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$10
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4800%
Over
$10
billion,
up
to
and
including
$20
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.4300
Over
$20
billion,
up
to
and
including
$30
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3800
Over
$30
billion,
up
to
and
including
$40
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3300
Over
$50
billion,
up
to
and
including
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3100
Over
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
0.2945
Notes
to
Financial
Statements
(unaudited)
(continued)
116
2022
iShares
Semi-Annual
Report
to
Shareholders
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the six
months
ended October
31,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
six
months
ended
October
31,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
October
31,
2022,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
iShares
ETF
Amounts
Dow
Jones
U.S.
.....................................................................................................
$
27,740
‌
MSCI
KLD
400
Social
.................................................................................................
53,981
‌
MSCI
USA
ESG
Select
................................................................................................
61,848
‌
U.S.
Basic
Materials
..................................................................................................
7,183
‌
U.S.
Consumer
Discretionary
............................................................................................
46,204
‌
U.S.
Consumer
Staples
...............................................................................................
11,971
‌
U.S.
Energy
.......................................................................................................
33,036
‌
U.S.
Financial
Services
................................................................................................
23,362
‌
U.S.
Financials
.....................................................................................................
34,187
‌
U.S.
Healthcare
.....................................................................................................
28,488
‌
U.S.
Industrials
.....................................................................................................
19,225
‌
U.S.
Technology
....................................................................................................
57,390
‌
U.S.
Transportation
..................................................................................................
33,683
‌
U.S.
Utilities
.......................................................................................................
2,421
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Dow
Jones
U.S.
.................................................................
$
6,182,244
‌
$
3,236,963
‌
$
(2,768,718
)
MSCI
KLD
400
Social
.............................................................
6,229,352
‌
15,854,437
‌
(2,752,193
)
MSCI
USA
ESG
Select
............................................................
35,258,873
‌
78,945,549
‌
(11,764,701
)
U.S.
Basic
Materials
..............................................................
13,120,580
‌
85,499,771
‌
(23,777,379
)
U.S.
Consumer
Discretionary
........................................................
6,932,866
‌
35,873,104
‌
(14,199,944
)
U.S.
Consumer
Staples
...........................................................
15,725,684
‌
14,387,633
‌
(5,981,894
)
U.S.
Energy
...................................................................
113,685,863
‌
62,358,619
‌
(23,249,439
)
U.S.
Financial
Services
............................................................
3,713,890
‌
3,258,838
‌
(6,210,132
)
U.S.
Financials
.................................................................
22,296,268
‌
14,261,839
‌
(5,508,978
)
U.S.
Healthcare
.................................................................
12,290,185
‌
12,165,303
‌
(8,455,130
)
U.S.
Industrials
.................................................................
10,353,523
‌
5,080,559
‌
(5,513,099
)
U.S.
Technology
................................................................
160,926,169
‌
90,718,805
‌
(44,382,445
)
U.S.
Transportation
..............................................................
13,973,584
‌
16,135,040
‌
(9,091,601
)
U.S.
Utilities
...................................................................
2,512,597
‌
2,621,626
‌
(279,093
)
iShares
ETF
Purchases
‌
Sales
‌
Dow
Jones
U.S.
...................................................................................
$
34,625,612
‌
$
33,766,763
‌
MSCI
KLD
400
Social
...............................................................................
63,323,972
‌
65,617,644
‌
MSCI
USA
ESG
Select
..............................................................................
290,593,761
‌
290,392,504
‌
U.S.
Basic
Materials
................................................................................
242,876,142
‌
242,611,516
‌
U.S.
Consumer
Discretionary
..........................................................................
102,726,542
‌
103,868,417
‌
U.S.
Consumer
Staples
.............................................................................
39,283,842
‌
39,877,056
‌
U.S.
Energy
.....................................................................................
180,565,653
‌
208,309,673
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
117
Notes
to
Financial
Statements
For
the six
months
ended
October
31,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
October
31,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of April
30,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
iShares
ETF
Purchases
‌
Sales
‌
U.S.
Financial
Services
..............................................................................
35,996,464
‌
37,776,325
‌
U.S.
Financials
...................................................................................
109,707,329
‌
107,197,290
‌
U.S.
Healthcare
...................................................................................
52,127,721
‌
53,978,607
‌
U.S.
Industrials
...................................................................................
20,837,720
‌
20,179,618
‌
U.S.
Technology
..................................................................................
380,912,086
‌
384,929,107
‌
U.S.
Transportation
................................................................................
44,335,199
‌
45,250,348
‌
U.S.
Utilities
.....................................................................................
17,807,424
‌
17,401,470
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Dow
Jones
U.S.
...................................................................................
$
69,079,994
‌
$
39,078,393
‌
MSCI
KLD
400
Social
...............................................................................
398,582,397
‌
149,772,387
‌
MSCI
USA
ESG
Select
..............................................................................
89,180,181
‌
246,824,446
‌
U.S.
Basic
Materials
................................................................................
257,643,266
‌
362,541,949
‌
U.S.
Consumer
Discretionary
..........................................................................
184,469,735
‌
270,584,992
‌
U.S.
Consumer
Staples
.............................................................................
778,078,578
‌
163,719,416
‌
U.S.
Energy
.....................................................................................
140,124,065
‌
1,752,945,215
‌
U.S.
Financial
Services
..............................................................................
168,428,000
‌
700,233,303
‌
U.S.
Financials
...................................................................................
282,091,150
‌
314,637,953
‌
U.S.
Healthcare
...................................................................................
613,497,384
‌
236,005,335
‌
U.S.
Industrials
...................................................................................
129,821,672
‌
283,331,749
‌
U.S.
Technology
..................................................................................
2,289,664,244
‌
594,153,088
‌
U.S.
Transportation
................................................................................
670,229,098
‌
939,358,307
‌
U.S.
Utilities
.....................................................................................
230,402,593
‌
155,544,450
‌
iShares
ETF
Amounts
Dow
Jones
U.S.
.....................................................................................................
$
19,798,231
‌
MSCI
KLD
400
Social
.................................................................................................
57,513,435
‌
MSCI
USA
ESG
Select
................................................................................................
76,836,153
‌
U.S.
Basic
Materials
..................................................................................................
121,754,467
‌
U.S.
Consumer
Discretionary
............................................................................................
94,893,390
‌
U.S.
Consumer
Staples
...............................................................................................
32,438,823
‌
U.S.
Energy
.......................................................................................................
306,213,545
‌
U.S.
Financial
Services
................................................................................................
61,143,807
‌
U.S.
Financials
.....................................................................................................
76,047,433
‌
U.S.
Healthcare
.....................................................................................................
82,681,070
‌
U.S.
Industrials
.....................................................................................................
81,960,614
‌
U.S.
Technology
....................................................................................................
64,508,835
‌
U.S.
Transportation
..................................................................................................
72,620,946
‌
U.S.
Utilities
.......................................................................................................
56,939,402
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
118
2022
iShares
Semi-Annual
Report
to
Shareholders
As
of
October
31,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Dow
Jones
U.S.
...............................................
$
903,074,624
‌
$
687,093,587
‌
$
(79,049,480
)
$
608,044,107
‌
MSCI
KLD
400
Social
...........................................
3,198,322,554
‌
559,234,686
‌
(217,284,387
)
341,950,299
‌
MSCI
USA
ESG
Select
..........................................
3,480,618,214
‌
236,079,866
‌
(437,278,969
)
(201,199,103
)
U.S.
Basic
Materials
............................................
985,775,213
‌
27,703,620
‌
(166,052,067
)
(138,348,447
)
U.S.
Consumer
Discretionary
......................................
912,351,345
‌
18,540,933
‌
(219,179,672
)
(200,638,739
)
U.S.
Consumer
Staples
.........................................
1,693,898,903
‌
90,432,892
‌
(82,657,128
)
7,775,764
‌
U.S.
Energy
.................................................
1,705,460,357
‌
684,749,378
‌
(20,745,980
)
664,003,398
‌
U.S.
Financial
Services
..........................................
1,641,231,882
‌
21,502,455
‌
(225,532,722
)
(204,030,267
)
U.S.
Financials
...............................................
2,234,058,206
‌
94,011,696
‌
(256,934,700
)
(162,923,004
)
U.S.
Healthcare
...............................................
2,983,485,016
‌
523,143,275
‌
(219,398,764
)
303,744,511
‌
U.S.
Industrials
...............................................
1,166,416,798
‌
72,229,902
‌
(171,455,330
)
(99,225,428
)
U.S.
Technology
..............................................
8,177,668,988
‌
1,015,531,254
‌
(1,105,358,329
)
(89,827,075
)
U.S.
Transportation
............................................
1,039,902,630
‌
3,282,852
‌
(218,002,016
)
(214,719,164
)
U.S.
Utilities
.................................................
1,006,941,341
‌
50,171,030
‌
(62,471,800
)
(12,300,770
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
119
Notes
to
Financial
Statements
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
10/31/22
‌
Year
Ended
04/30/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
Dow
Jones
U.S.
Shares
sold
...............................................
700,000
‌
$
69,302,727
‌
950,000
‌
$
106,366,538
‌
Shares
redeemed
...........................................
(400,000
)
(39,226,786
)
(900,000
)
(98,166,670
)
300,000
‌
$
30,075,941
‌
50,000
‌
$
8,199,868
‌
MSCI
KLD
400
Social
Shares
sold
...............................................
5,350,000
‌
$
400,824,677
‌
12,250,000
‌
$
1,063,484,498
‌
Shares
redeemed
...........................................
(2,050,000
)
(150,560,476
)
(5,050,000
)
(430,417,509
)
3,300,000
‌
$
250,264,201
‌
7,200,000
‌
$
633,066,989
‌
MSCI
USA
ESG
Select
Shares
sold
...............................................
1,050,000
‌
$
89,644,102
‌
19,200,000
‌
$
1,922,860,020
‌
Shares
redeemed
...........................................
(2,950,000
)
(248,368,625
)
(11,050,000
)
(1,096,380,553
)
(1,900,000
)
$
(158,724,523
)
8,150,000
‌
$
826,479,467
‌
U.S.
Basic
Materials
Shares
sold
...............................................
2,050,000
‌
$
258,499,455
‌
9,000,000
‌
$
1,248,095,764
‌
Shares
redeemed
...........................................
(3,000,000
)
(363,312,121
)
(6,950,000
)
(931,994,531
)
(950,000
)
$
(104,812,666
)
2,050,000
‌
$
316,101,233
‌
U.S.
Consumer
Discretionary
Shares
sold
...............................................
3,000,000
‌
$
184,769,256
‌
11,850,000
‌
$
940,860,027
‌
Shares
redeemed
...........................................
(4,500,000
)
(271,229,331
)
(19,300,000
)
(1,493,779,752
)
(1,500,000
)
$
(86,460,075
)
(7,450,000
)
$
(552,919,725
)
U.S.
Consumer
Staples
Shares
sold
...............................................
3,950,000
‌
$
780,165,240
‌
3,300,000
‌
$
644,584,135
‌
Shares
redeemed
...........................................
(850,000
)
(164,242,263
)
(1,600,000
)
(298,647,407
)
3,100,000
‌
$
615,922,977
‌
1,700,000
‌
$
345,936,728
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
120
2022
iShares
Semi-Annual
Report
to
Shareholders
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
10/31/22
‌
Year
Ended
04/30/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
U.S.
Energy
Shares
sold
...............................................
3,350,000
‌
$
143,203,285
‌
46,850,000
‌
$
1,499,858,858
‌
Shares
redeemed
...........................................
(43,600,000
)
(1,794,740,254
)
(37,500,000
)
(1,129,335,941
)
(40,250,000
)
$
(1,651,536,969
)
9,350,000
‌
$
370,522,917
‌
U.S.
Financial
Services
Shares
sold
...............................................
1,100,000
‌
$
169,773,034
‌
6,200,000
‌
$
1,168,479,105
‌
Shares
redeemed
...........................................
(4,550,000
)
(702,980,296
)
(2,700,000
)
(501,654,398
)
(3,450,000
)
$
(533,207,262
)
3,500,000
‌
$
666,824,707
‌
U.S.
Financials
Shares
sold
...............................................
3,800,000
‌
$
283,572,365
‌
1,700,000
‌
$
1,427,665,055
‌
Shares
redeemed
...........................................
(4,350,000
)
(316,617,769
)
(18,650,000
)
(1,540,947,223
)
(550,000
)
$
(33,045,404
)
(1,650,000
)
$
(113,282,168
)
U.S.
Healthcare
Shares
sold
...............................................
2,250,000
‌
$
614,783,128
‌
3,250,000
‌
$
931,265,158
‌
Shares
redeemed
...........................................
(900,000
)
(236,511,526
)
(2,650,000
)
(741,219,461
)
1,350,000
‌
$
378,271,602
‌
600,000
‌
$
190,045,697
‌
U.S.
Industrials
Shares
sold
...............................................
1,400,000
‌
$
130,102,218
‌
5,050,000
‌
$
558,646,697
‌
Shares
redeemed
...........................................
(3,150,000
)
(283,983,449
)
(7,650,000
)
(829,917,316
)
(1,750,000
)
$
(153,881,231
)
(2,600,000
)
$
(271,270,619
)
U.S.
Technology
Shares
sold
...............................................
30,250,000
‌
$
2,293,901,683
‌
33,200,000
‌
$
3,442,394,913
‌
Shares
redeemed
...........................................
(7,200,000
)
(595,429,455
)
(29,350,000
)
(2,982,849,174
)
23,050,000
‌
$
1,698,472,228
‌
3,850,000
‌
$
459,545,739
‌
U.S.
Transportation
Shares
sold
...............................................
3,000,000
‌
$
671,786,366
‌
6,900,000
‌
$
1,790,270,650
‌
Shares
redeemed
...........................................
(4,200,000
)
(941,516,274
)
(10,000,000
)
(2,571,288,364
)
(1,200,000
)
$
(269,729,908
)
(3,100,000
)
$
(781,017,714
)
U.S.
Utilities
Shares
sold
...............................................
2,650,000
‌
$
231,166,316
‌
1,700,000
‌
$
145,456,356
‌
Shares
redeemed
...........................................
(1,800,000
)
(156,013,865
)
(550,000
)
(47,058,753
)
850,000
‌
$
75,152,451
‌
1,150,000
‌
$
98,397,603
‌
Board
Review
and
Approval
of
Investment
Advisory
Contract
121
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Dow
Jones
U.S.
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
122
2022
iShares
Semi-Annual
Report
to
Shareholders
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
MSCI
KLD
400
Social
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
123
Board
Review
and
Approval
of
Investment
Advisory
Contract
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
124
2022
iShares
Semi-Annual
Report
to
Shareholders
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
MSCI
USA
ESG
Select
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
125
Board
Review
and
Approval
of
Investment
Advisory
Contract
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
126
2022
iShares
Semi-Annual
Report
to
Shareholders
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
U.S.
Basic
Materials
ETF,
iShares
U.S.
Consumer
Discretionary
ETF,
iShares
U.S.
Consumer
Staples
ETF,
iShares
U.S.
Financial
Services
ETF,
iShares
U.S.
Financials
ETF,
iShares
U.S.
Utilities
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
127
Board
Review
and
Approval
of
Investment
Advisory
Contract
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
128
2022
iShares
Semi-Annual
Report
to
Shareholders
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
U.S.
Energy
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
higher
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
129
Board
Review
and
Approval
of
Investment
Advisory
Contract
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
130
2022
iShares
Semi-Annual
Report
to
Shareholders
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
U.S.
Healthcare
ETF,
iShares
U.S.
Industrials
ETF,
iShares
U.S.
Technology
ETF,
iShares
U.S.
Transportation
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
131
Board
Review
and
Approval
of
Investment
Advisory
Contract
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
132
2022
iShares
Semi-Annual
Report
to
Shareholders
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
October
31,
2022
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Dow
Jones
U.S.
....................
$
0.671365
‌
$
—
‌
$
—
‌
$
0.671365
‌
100
%
—
%
—
%
100
%
MSCI
USA
ESG
Select
...............
0.597157
‌
—
‌
—
‌
0.597157
‌
100
—
—
100
U.S.
Energy
......................
0.826596
‌
—
‌
—
‌
0.826596
‌
100
—
—
100
U.S.
Financials
(a)
...................
0.632663
‌
—
‌
0.010674
‌
0.643337
‌
98
—
2
100
U.S.
Utilities
......................
0.975262
‌
—
‌
—
‌
0.975262
‌
100
—
—
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
133
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust's
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
134
2022
iShares
Semi-Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-SAR-401-1022
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
MSCI
Inc.,
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.